A record 152 oil and gas production licenses are on offer to 99 companies under the 23rd Oil and Gas Licensing Round, the highest number since licensing began in 1964.
Offshore staff
(North Sea)-A record 152 oil and gas production licenses are on offer to 99 companies under the 23rd Oil and Gas Licensing Round, the highest number since licensing began in 1964.
The interest in licenses indicates a vote of confidence in oil and gas exploration in the UK, and marks the entry of 24 new firms to the North Sea. The licenses, covering 264 blocks, are 70 Traditional license offers, 6 Frontier license offers, and 76 Promote license offers.
The previous high was the fourth round in 1972, when 118 licenses were issued. If all the offers are accepted, 24 of the 99 companies will be new entrants in the North Sea. This continues the trend of ever improving success in license applications and awards in recent years.
