OGA Awards 25 Licences for 111 UKCS Blocks in 29th Offshore LA

The Oil and Gas Authority (OGA) has awarded 25 licenses for 111 blocks, or part blocks, to 17 companies in the 29th Offshore Licensing Award, to enable further exploration and production across frontier areas of the UK Continental Shelf (UKCS).

The 29th Licensing Round was the first licensing round in two decades to focus solely on frontier, underexplored areas of the Rockall Basin, Mid-North Sea High, and part of the East Shetland Platform. It attracted applications from 24 companies for 113 blocks when it closed in October 2016.

“We are particularly pleased to see firm well commitments, the targeting of new and under-explored plays, and first-time entrants to the basin, alongside a number of established companies, which will help stimulate further activity and value creation,” Andy Samuel, OGA chief executive, said in an organization statement.

“While exploration activity has undoubtedly suffered as a result of the difficult market conditions, we are now seeing highly encouraging success rates and finding costs on the UKCS. This is testament to the value of a robust and focused exploration strategy with commitment from industry, government and the OGA,” he added.

The upcoming 30th Offshore Licensing Round will focus on mature areas and is expected to be the most significant offshore round in recent decades, Samuel said. 



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Undiscovered Oil, Gas Resources in Bar... (Apr 25)
 -  Petrofac Secures $70MM Services Contra... (Apr 25)
 -  CEO: Another Year of Activity Decline ... (Apr 25)
 -  Petronas Awards 'Key' Offshore Contrac... (Apr 24)
 -  Genel Energy Appoints New Chairman (Apr 24)


Most Popular Articles

From the Career Center
Jobs that may interest you
Logistics Analyst II (Road) - Direct Hire
Expertise: Logistics Management
Location: Houston, TX
 
Logistics Analyst I (Road) - Direct Hire
Expertise: Logistics Management
Location: Houston, TX
 
Associate Procurement Agent (Denver, CO)
Expertise: Logistics Management|Purchasing|Supply Chain Management
Location: Denver, CO
 
search for more jobs

Brent Crude Oil : $51.82/BBL 0.53%
Light Crude Oil : $49.62/BBL 0.12%
Natural Gas : $3.14/MMBtu 3.28%
Updated in last 24 hours