• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 4 hours Sources confirm Trump to sign two new Executive orders.
  • 9 hours Sometimes I Think Trump Supporters on This Forum Are Russians
  • 1 day CV19: New York 21% infection rate + 40% Existing T-Cell immunity = 61% = Herd Immunity ?
  • 14 hours No More Love: Kanye West Breaks With Trump, Claims 2020 Run Is Not A Stunt
  • 20 hours In a Nutshell...
  • 6 hours Better Days Are (Not) Coming: Fed Officials Suggest U.S. Recovery May Be Stalling
  • 1 day A Real Reality Check on "Green Hydrogen"
  • 15 hours During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 2 days Why Oil could hit $100
  • 3 hours Where is Alberta, Canada headed?
  • 2 days Why Wind is pitiful for most regions on earth
  • 11 hours Putin Paid Militants to Kill US Troops

Bidding Action Heats Up In UK’s Continental Shelf

This week, the British Oil & Gas Authority (OGA) reported that 68 companies had applied to operate one or more of 239 different blocks located off the United Kingdom’s coast.

“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,” said Oil & Gas UK’s upstream policy director, Mike Tholen. “It offers early signs that the $8 billion of merger and acquisition activity highlighted in our Economic Report is translating into activity in the basin. This will help realize as much of the 2-6 Bbbl of yet to find potential, particularly given the maturity of this licensing round and its large inventory of prospects and undeveloped discoveries.”

The 30th round closed on November 21st. The next one is set for mid-2018, but details regarding the auction have yet to be released. The OGA is due to report the results of the 30th round next Monday.

“Efforts by the OGA to provide new data, analysis, and insights has stimulated a number of high-quality applications,” OGA head of exploration and new ventures Nick Richardson said. “Together with the added advantages of flexible licensing, technology development and improvements to the oil and gas fiscal regime, this has evidently created the right conditions to support continued investment in the UKCS.”

The UK production for both oil and gas follow fairly good bell curves about ten years behind the equivalent exploration drilling and discovery curves. This round, regions with significant existing investment got more applications, Richardson said.

“The focus on regions with existing infrastructure provided companies with an excellent opportunity to take a fresh look at a large inventory of opportunities from which to rebuild their portfolios to help sustain future production,” he added.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News