The British Oil and Gas Authority (OGA), tasked with oil and gas industry regulation, has decided to suspend its licencing rounds for offshore exploration acreage in the North Sea at least until 2021. The timing for a 33rd round will be announced at a later stage.
In June 2019, the OGA awarded 37 licence areas over 141 blocks to 30 companies in its 31st Offshore Licensing round. The blocks are located in frontier areas of the UK Continental Shelf (UKCS), i.e. in the Faroe-Shetland Basin, Moray Firth, East Irish Sea, East Shetland Platform, Mid North Sea High and English Channel. Equinor won 5 licenses in the Moray Firth and East Shetland Platform, four as operator and one as a partner of Total; the Norwegian group had been awarded nine new licenses in the 30th Offshore Licensing round (eight as operator) in May 2018. Equinor has also announced that it would make a final investment decision on the Rosebank project by May 2022. Rosebank is one of the largest oil and gas field in the British North Sea in which Equinor owns a 40% stake, in partnership with Suncor Energy (40%) and Siccar Point Energy (20%).
Results from the 32nd round, which began in November 2020 and focused on the central, northern and northern North Sea, as well as West of Shetland, will be released by mid-2020.
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