UK’s energy minister awards record number of licences to UK independent oil exploration companies

UK’s energy minister awards record number of licences to UK independent oil exploration companies

UK independent oil and gas companies will be incentivised to invest and undertake additional exploration, as Government awarded a further 52 oil and gas licences today, bringing the total number of offers of awards in the 27th Round to 219.

The offers included licenses being awarded to 21 smaller independents that are new entrants to the market. This is three times the number provided to independents in the last round. Government is keen to maximise resources available in the North Sea in order to boost energy security, revenues and jobs and support the growth of the oil and gas industry.

Energy Minister Michael Fallon said:
“The level of interest in this round demonstrates the continuing attractiveness of the UK’s oil and resources and licensing system. BRINDEX members form part of the vanguard of oil and gas explorers who are finding new ways to get at and extract these vital resources. .

“The UK’s oil and gas industry is of strategic national importance. Some 20 billion more barrels of oil and gas could be produced, and it is vital that we maximise the opportunities available both in the North Sea and onshore to boost growth, energy security and jobs. .

“Government will continue to support exploration in the sector. We expect considerable interest from developers in the 14th onshore licence round, which we plan to launch next year. We also intend to launch a new offshore round – our 28th – early in the New Year.”

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