Britain's oil regulator has launched a licensing round for access to 813 oil and gas exploration blocks or partial blocks in the British part of the North Sea, it said July 25.
The Oil and Gas Authority's (OGA) 30th licensing round offers access to mature areas in the Southern, Central and Northern North Sea, the West of Shetland and East Irish Sea.
The round is open for 120 days until Nov. 21, the OGA said in a statement. Decisions will be made in the second quarter next year.
Britain wants oil and gas drillers to recover pockets of gas that are more difficult to reach in a part of the North Sea where drilling for fossil fuels started over 50 years ago.
The OGA has said that some 3.8 trillion cubic feet (Tcf) of tight gas remain in the southern North Sea, one of the world's oldest offshore gas extraction areas that has produced more than 40 Tcf.
Drilling activity in Britain's North Sea has been at a record low for two years as weak oil prices make projects less attractive.
The basin is estimated to have billions of barrels of oil left for extraction, worth around 200 billion pounds (US$250 billion) for British government coffers, which the government is keen to see developed.
Recommended Reading
Diamondback Prices Senior Notes to Help Cover Endeavor Deal Cost
2024-04-10 - Diamondback Energy’s notes will help cover cash consideration for the pending acquisition of Endeavor Energy as well as repaying debt owed by Endeavor.
GeoPark to Acquire Interests in Vaca Muerta
2024-04-11 - GeoPark Ltd. entered into a binding offer to acquire a non-operated working interest in Argentina’s Neuquen Basin’s Vaca Muerta Formation as it extends its reach across Latin America.
Continental Resources Makes $1B in M&A Moves—But Where?
2024-02-26 - Continental Resources added acreage in Oklahoma’s Anadarko Basin, but precisely where else it bought and sold is a little more complicated.
Kodiak Gas Services Closes $850MM Deal for CSI Compressco
2024-04-02 - Kodiak Gas Services’ acquisition of CSI Compressco was financed as an all-equity transaction valued at approximately $854 million, including assumption of $619 million in debt.
Enterprise Buys Assets from Occidental’s Western Midstream
2024-02-22 - Enterprise bought Western’s 20% interest in Whitethorn and Western’s 25% interest in two NGL fractionators located in Mont Belvieu, Texas.