Uchenna Izundu
International Editor
LONDON, Feb. 22 -- The UK government has launched its 25th licensing round where operators can bid for acreage in the North Sea. About 2,297 blocks will be available, and 72 blocks, originally classified as fallow, have been relinquished in time to be offered in this licensing round.
Alongside the traditional licenses, operators can apply for frontier licenses to develop difficult areas and promote licenses aimed at smaller companies to work up prospects.
Offshore trade association Oil & Gas UK welcomed the announcement, saying companies would ensure long-term development of the mature basin.
Malcolm Webb, Oil & Gas UK's chief executive, said, "Nearly a third of all exploration and appraisal drilling over the last year was on acreage that had passed through the 'fallow' and 'promote' initiatives, which highlights the benefits to be gained from government working closely with industry in encouraging maximum recovery of the UK's oil and gas reserves."
The deadline for applications is May 19.
Contact Uchenna Izundu at [email protected].
