Familiar players such as BP, Shell and Austria’s OMV were among the winners of new licences. Shell was awarded one licence to explore 10 blocks, while Italy’s Eni was granted three licences covering 23 blocks, including an area in between Wales and Ireland. Other recipients included China’s Nexen and UK independents Hurricane Energy and Parkmead Group.
The current round is one of the largest in the UK’s history. The high number of licences marks intensified government efforts to spur exploration activity in the North Sea to combat declining reserves and production figures. As an offshore and mature market, the North Sea has among the highest upstream costs in the global oil and gas industry.
In March 2015, the UK government passed a series of tax cuts for North Sea operators. The measures are designed to provoke $6.2 billion of new investment and raise production by at least 120 million barrels of oil equivalent by 2020, according to the UK’s energy minister Andrea Leadsom.
For more news and features on the UK, click here.
Singapore’s Seatrium has secured a topside integration project for the FPSO Errea Wittu from Offshore Frontier Solutions, a MODEC Group… Read More
The UK's hydrocarbons regulator has awarded 31 new exploration licences in the country's North Sea waters, Reuters reported on Friday Read More
ExxonMobil announced the closing of its USD 60-billion acquisition of Pioneer Natural Resources on Friday, a move that solidifies its… Read More
BP-Eni joint venture Azule Energy has entered a strategic farm-in agreement with Rhino Resources in Namibia's offshore Orange Basin, the… Read More
Africa-focused energy group Chariot has spudded the RZK-1 exploration well on the Gaufrette prospect at the Loukos Onshore licence in… Read More
Touchstone Exploration has acquired Trinidad-focused Trinity Exploration & Production in an all-shares deal, the Canadian upstream player said on Wednesday Read More
This website uses cookies.