UK Offshore Round Generates Considerable Interest

UK Offshore Round Generates Considerable Interest
The UK's latest offshore licensing round generated 'considerable interest', according to the UK's Oil & Gas Authority.

The UK’s latest offshore licensing round generated “considerable interest”, according to the UK’s Oil & Gas Authority (OGA).

The 32nd offshore licensing round attracted 104 applications covering 245 blocks or part-blocks across the main producing areas of the UK Continental Shelf (UKCS), the OGA revealed. Applications were received from 71 companies “ranging from multinationals to new country entrants”, the OGA noted.

“The response to the round has been very positive, exceeding the interest received for the 30th Offshore Licensing Round which was also in the more mature areas of the UKCS,” Nick Richardson, head of exploration and new ventures at the OGA, said in an organization statement.

“We look forward to seeing how the data released in support of the round has been used to support the applications submitted,” Richardson added.

In a statement accompanying the OGA’s update of the UK’s latest round, the OGA said it fully supports the energy transition and welcomes the government’s legally binding commitment to net zero emissions by 2050.

“The OGA understands why there could be concern about UK domestic production of oil and gas in this context. However, oil and gas will remain an important part of our energy mix for the foreseeable future, including under net zero scenarios, where the UK is still expected to be a net importer,” the OGA said in an organization statement.

“As such, managing the declining production and maximizing the economic recovery from the UK remains vital to meet those energy demands as long as they exist, and to reduce reliance on hydrocarbon imports,” the OGA added.

The OGA is currently evaluating the 32nd round applications and plans to make awards in the second quarter of next year. Launched on July 10 by the OGA, the 32nd round closed on November 12.

According to the OGA’s website, the organization’s role is to regulate, influence and promote the UK oil and gas industry in order to maximize the economic recovery of the UK’s oil and gas resources.

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