The UK regulator North Sea Transition Authority (NSTA) has awarded 24 oil and gas licenses to 17 companies, in the second tranche of the United Kingdom's 33rd offshore oil and gas licensing round, bringing the total number of licenses awarded so far to 51. Licenses cover 74 oil and gas blocks in the UK North Sea and in the Shetland area. The licensing round had received 115 bids from 76 companies and the 24 licenses were notably awarded to Shell, BP, TotalEnergies, Equinor and NEO.
In October 2023, the NSTA awarded 27 licenses as part of the first batch of its 33rd offshore oil and gas licensing round. In December 2023, the NSTA also granted development consent to Shell for the Victory gas field, which has an estimated total net gas production of 1.5 bcm/year.
According to the NSTA, 38% of the UK’s 2022 gas consumption was domestically produced, while the rest was imported. The UK has large oil and gas reserves, mainly located in the North Sea: 272 Mt for crude oil and 212 bcm for gas (at end-2022) that are declining rapidly.
Do you want to become an expert on renewable energies auctions?
Discover our very detailed and regularly updated RES auctions database with worldwide coverage and a technical focus backed by academic research.
With our renewable energies auctions service you will be able to monitor auctions at a global level. Its (expanding) scope notably includes all major G20 countries and offers an especially fine tracking on Europe and South America.