UK independent oil and gas companies will be incentivized to invest and undertake additional exploration, as the British Government awarded an additional 52 oil and gas licenses, bringing the total number of offers of awards in the 27th Round to 219.
This is an all-time record number of licenses awarded by the UK government.
The offers included licenses being awarded to 21 smaller independents that are new entrants to the market, three times the number provided to independents in the previous round.
The Government is keen to maximize resources available in the North Sea in order to boost energy security, revenues and jobs and support the growth of the oil and gas industry.
Energy Minister Michael Fallon stated, “The level of interest in this round demonstrates the continuing attractiveness of the UK’s oil and resources and licensing system. BRINDEX members form part of the vanguard of oil and gas explorers who are finding new ways to get at and extract these vital resources.”