UK offshore exploration gets a boost

Britain’s government has awarded the Oil & Gas Authority a further £5 million ($6.68 million) to support exploration in UK waters.

Offshore staff

LONDON – Britain’s government has awarded the Oil & Gas Authority (OGA) a further £5 million ($6.68 million) to support exploration in UK waters.

OGA Chief Executive Andy Samuel said the funding would be used to “provide industry with a range of high-quality new data. This will significantly help address exploration risks and uncertainties and promote frontier and under-explored areas.

“Oil and gas continues to be a vital contributor to the UK economy and energy security, and there has been tremendous progress over the past two years, despite the low oil price environment.

“We have seen how targeted intervention can have a disproportionately positive effect – for example the first round of seismic funding for the OGA opened up frontier areas for the29th Offshore Licensing Round, where we awarded 25 licenses to 17 companies.”

09/28/2017

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