UK Oil & Gas Authority Awards 65 Companies Licenses in Offshore Round
September 03 2020 - 5:49AM
Dow Jones News
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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