Britain's Oil and Gas Authority Issue 175 Licences for North Sea Exploration
Posted on: 28/07/2015

Following the latest licencing round by Britain’s Oil and Gas Authority (OGA), more than 175 licences have been granted for the North Sea, including for major companies such as Shell and EDI.

This is exciting news for stakeholders in the oil and gas industry and shows the government taking significant steps to try and increase exploration into the rapidly declining production of the North Sea.

OGA Chief Executive Andy Samuel has said: “Licences are just a start, and industry, government and the OGA now need to work together to revitalise exploration activity across the basin and convert licences into successful exploration wells.

“The UK continental shelf remains a world-class hydrocarbon province where significant resources and economic value remain to be realised.”

Mr Samuel continued: “The good level of interest in the 28th round highlights the continued attractiveness of the UK’s oil and gas resources.”

The importance of the North Sea was also reiterated by UK Energy Minister Andrea Leadsom who said: “We are determined to make the most of our North Sea resources to provide secure, reliable energy for hard-working families and businesses, and reduce our reliance on volatile foreign imports.

“We are backing our oil and gas industry which supports hundreds of thousands of jobs across the UK.”

It is evident from these licences that the government still view the North Sea as having massive potential, thus feel the need to increase exploration through licences and government incentives- excellent news for workers in the industry (and recruiters!).

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