Following news from the Oil and Gas Authority that it has received 96 applications for 239 blocks in the 30th offshore oil and gas exploration licence round, Oil & Gas UK’s upstream policy director Mike Tholen said:
“With 68 companies bidding, many of which we know to be new entrants, this response can be viewed as a vote of confidence in the UK Continental Shelf.
“It offers early signs that the $8bn of merger and acquisition activity highlighted in our Economic Report is translating into activity in the basin. This will help realise as much of the 2-6 billion barrels of yet to find potential, particularly given the maturity of this licensing round and its large inventory of prospects and undeveloped discoveries.
“Whilst this reflects industry’s growing optimism, our interests now turn to how many awards will be given, and the commitments which follow.”
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