By Joe Hoppe

 

BP PLC and Royal Dutch Shell PLC are among 65 companies that have been awarded licenses in the latest U.K. offshore round.

The U.K. Oil & Gas Authority said Thursday that it has awarded 113 license areas over 259 blocks or part-blocks in the 32nd round, offering blocks in mature, oil-producing areas close to existing infrastructure and under a flexible Innovate License. This allows applicants to define a license duration and phasing to maximize the recovery of U.K. oil and gas resources.

Other U.K. companies that have secured a license include Corallian Energy Ltd., Deltic Energy PLC, EnQuest PLC, Hague & London Oil PLC, Independent Oil & Gas PLC, Jersey Oil & Gas PLC, Parkmead Group PLC, and Premier Oil PLC.

The majority of the licenses are for initial-term exploration stages, including commitments to undertake seismic surveys and feasibility studies, with a further 16 for licenses that proceed straight to the second term, for potential development or redevelopment of fields. Most licenses carry drill or drop commitments.

 

Write to Joe Hoppe at joseph.hoppe@wsj.com

 

(END) Dow Jones Newswires

September 03, 2020 05:34 ET (09:34 GMT)

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