EurOil: UK offers first licences in latest oil and gas round

The UK has issued 27 oil and gas licences in the first tranche of awards in its 33rd licensing round, the government announced this week, as it looks to spur ongoing exploration to build up the country’s hydrocarbon resource base.

The awards were made from 115 applications. The first tranche covers 55 blocks across areas of the central and north North Sea, as well as West of the Shetland Islands. A further six blocks, prepared for offering, were merged into five existing licences.

The acreage has been offered to 14 companies in total, including several joint ventures. There are a mix of firm and contingent work commitments. The awarded blocks do not need further assessment, and were prioritised over other applications “because they have the potential to go into production more quickly than others,” the North Sea Transition Authority (NSTA) stated. This should “let operators press ahead with their plans to explore and develop oil and gas resources,” it said.

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