The UK Oil and Gas Authority (OGA) has announced the award of 25 licenses for 111 blocks to 17 companies for oil and gas exploration activities in the UK Continental Shelf (UKCS) within the frame of the 29th licensing round.
Before the bid closing date in October 2016, up to 24 companies have applied for 113 blocks. The OGA underlined that this round was the first one in decades to focus solely on frontier and under-explored areas.
The round marks the start of the "Innovate Licence" concept which is part of the OGA's strategy to enhance the economic recovery from the UKCS. This concept is meant to allow new licensees to work jointly with the British oil and gas industry regulator in order to prepare an optimal work programme (activity phasing, rental fees, implementation of stage-gate process).
The OGA also mentioned that the 30th round would focus mostly on mature areas and it is expected to be a landmark with a significant amount of prospects on offer. It will be announced in Q2 2017 and will remain open for 120 days.
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