Oil & Gas UK welcomes the announcement from the Department for Energy and Climate Change (DECC) of awards in the 25th Licensing Round for North Sea oil and gas.
Paul Dymond, Oil & Gas UK's operations director, said, "DECC's announcement of continued interest in the North Sea is very encouraging. However, the challenge will be to convert these licenses into exploration, development and production activity so that they benefit the nation in terms of security of energy supply, jobs and tax revenues.
"In the current economic climate of reduced access to capital, oil and gas companies operating in the UK must focus on sustaining effective investment so the maximum benefit is derived from these licenses.
"This will prove challenging as the North Sea is an expensive oil and gas province in which to operate and obviously investment will become more uncomfortable as oil prices fall. It is therefore more important than ever that the Government takes moves to boost investment so that the industry can ensure the oil and gas sitting on our doorstep fulfils its potential in contributing to the nations energy supply. Only then will all of us benefit from the endowment of oil and gas the UK is fortunate to have.
"It is also very important that the Government maintains the momentum it has built up over the last few years with its annual licensing rounds. In particular, we would encourage the quick resolution of the outstanding issues associated with blocks on which the decision to grant licenses has not yet been reached, giving companies sufficient time to establish their exploration plans."
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