The UK’s 27th O7G licensing round has been deemed a success after 167 licenses covering operations in more than 330 blocks were awarded to oil and gas companies.
The round attracted record levels of interest, with 224 applications made for operations 418 blocks. According to the UK Government, the high levels of interest in the round prove that the UKCS is still a “fertile landscape for investors.”
John Hayes, Energy Minister, was quoted as saying, “This successful licensing round shows we are taking the right action to offer certainty and confidence to investors … Our fiscal regime is now encouraging small fields into production and our licensing regime supports new faces as well as the big players to invest … Importantly, we are guaranteeing every last economic drop of oil and gas is produced for the benefit of the UK.”
The UK Oil and Gas industry reportedly employs 440 000 people and brings in approximately £40 billion into the UK economy.
Faroe Petroleum was awarded 7 licenses, focused largely around the Shetlands. Parkmead Group received 6 licenses covering activities in a total of 25 partial blocks. Ithaca Energy Inc. was also awarded 2 licenses.
Edited from various sources by David Bizley