‘Strong interest’ as 68 companies bid for new N. Sea oil exploration licences

There have been 96 applications from 68 oil companies for British government licences to explore for new oil fields in the North Sea.

The Aberdeen-based OGA regulator will announce the names of the winning bidders in Spring 2018.

Licences offering ‘significant opportunities’ over more than 28 million acres of sea-bed were available in the south, central and northern North Sea, as well as West of Shetland.

The acreage on offer included a large inventory of prospects and undeveloped discoveries.

To support industry in unlocking these opportunities, the OGA provided several digital data packages, and co-hosted a technology event with the Oil and Gas Technology Centre.

Nick Richardson, OGA’s Head of Exploration and New Ventures, said: “Despite the difficult economic environment, industry has responded strongly to this round, confirming the high remaining potential of the North Sea.

“The focus on regions with existing infrastructure provided companies with an excellent opportunity to take a fresh look at a large inventory of opportunities from which to rebuild their portfolios to help sustain future production.”

22 Nov 2017


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