OGA claims UK Continental Shelf is back in business

Published: 29 May 2018 By Grace Kimberley

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The Oil and Gas Authority (OGA) released a statement on Wednesday (23 May) announcing its offering of 123 licences, 229 blocks and part-blocks to over 60 firms in the 30th Offshore Licensing Round.

According to the OGA, companies that hold these certificates include the oil and gas supermajors, as well as start-up companies.

“The UK Continental Shelf (UKCS) is back. Big questions facing the basin have been answered in this round,” says Andy Samuel, CEO at the OGA.

“Exploration is very much alive with lots of prospects generated and new wells to be drilled … I’m looking to industry to rapidly press ahead with these activities and maximize recovery from these great opportunities.”

The OGA put several incentives in place prior to the announcement to prompt interest and excitement among oil and gas companies and even extended the application period to 120 days.

Small Pools Solution Centre Manager at the Oil & Gas Technology Centre Chris Pearson deems the license opportunity “very promising”.

“It’s great to see so many companies submitting applications as this demonstrates another vote of confidence in exploring for oil and gas on the UKCS,” says Deirdre Michie, chief executive at Oil & Gas UK.

“We now need these opportunities to be pursued with a sense of urgency to help unlock activity for our hard-pressed supply chain and ensure we start to mitigate the potential drop off in production post-2020,”

 

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