Industry hails ‘record breaking’ interest in North Sea

A trade body for the oil and gas sector has welcomed the Government’s announcement for new exploration licences in the North Sea. DECC revealed 167 winners of the 27th oil […]

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By Priyanka Shrestha

A trade body for the oil and gas sector has welcomed the Government’s announcement for new exploration licences in the North Sea.

DECC revealed 167 winners of the 27th oil and gas Licensing Round earlier today, claiming investors’ interest in the North Sea is at “record breaking” levels, with 224 applications received this year.

Mike Tholen, Economics and Commercial Director at Oil & Gas UK said the announcement provides reassurance of the Government’s support and reflects the opportunity for businesses.

He said: “The record number of applications for licences in this 27th Round shows that investor confidence is returning following 18 months of constructive engagement with the Treasury and the announcement of several measures aimed at boosting activity. However, last year saw the lowest exploration for many decades so we must do everything we can to ensure that the award of licences translates into actual exploration for the billions of barrels of so far undiscovered oil and gas.”

The licences offered covers 330 North Sea blocks and a further 61 blocks are under environmental assessment.