DECC opens new round for North Sea oil licences

A fresh spate of oil and gas activity in the UK is on the horizon as the 28th round for businesses to apply for licences to drill in the North […]

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By Priyanka Shrestha

A fresh spate of oil and gas activity in the UK is on the horizon as the 28th round for businesses to apply for licences to drill in the North Sea has opened.

The UK oil and gas sector already supports around 350,000 jobs and attracted “a record” £14 billion last year. The Government expects the new round to further boost the economy.

Energy Minister Michael Fallon said: “There continues to be extremely high level of interest in North Sea oil and gas, which is unsurprising when there could be as many as 20 billion barrels of oil still buried deep within the seabed. This new round of drilling for offshore oil and gas will help boost growth, energy security and jobs in the UK.”

The previous round saw a “record number of licences awarded”, including 21 new entrants, DECC said. Applications need to be submitted by 25th April 2014.