Energy Minister Charles Hendry today launched the 27th licensing round for UK offshore oil and gas.
The government are offering 2,800 blocks this round and it follows on from the successful 26th round in 2010, which resulted in the largest number of licences issued since offshore licensing began in 1964.
Energy Minister Charles Hendry said: “This is shaping up to be a very prosperous year for the North Sea as we expect a substantial increase in field approvals. With around 20 billion barrels of oil still to be extracted, the UK Continental Shelf has many years of productivity left.”
The UK’s Oil and gas sector currently provides around 60% of the country’s energy.