• 6 hours Shell Oil Trading Head Steps Down After 29 Years
  • 10 hours Higher Oil Prices Reduce North American Oil Bankruptcies
  • 12 hours Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 14 hours $1.6 Billion Canadian-US Hydropower Project Approved
  • 15 hours Venezuela Officially In Default
  • 17 hours Iran Prepares To Export LNG To Boost Trade Relations
  • 19 hours Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 1 day Saudi Oil Minister: Markets Will Not Rebalance By March
  • 1 day Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 1 day Rosneft Announces Completion Of World’s Longest Well
  • 2 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 2 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 2 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 2 days Santos Admits It Rejected $7.2B Takeover Bid
  • 2 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 2 days Africa’s Richest Woman Fired From Sonangol
  • 2 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 3 days Russian Hackers Target British Energy Industry
  • 3 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 3 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 3 days Lower Oil Prices Benefit European Refiners
  • 3 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 4 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 4 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 4 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 4 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 4 days OPEC To Recruit New Members To Fight Market Imbalance
  • 4 days Green Groups Want Norway’s Arctic Oil Drilling Licenses Canceled
  • 4 days Venezuelan Oil Output Drops To Lowest In 28 Years
  • 4 days Shale Production Rises By 80,000 BPD In Latest EIA Forecasts
  • 4 days GE Considers Selling Baker Hughes Assets
  • 5 days Eni To Address Barents Sea Regulatory Breaches By Dec 11
  • 5 days Saudi Aramco To Invest $300 Billion In Upstream Projects
  • 5 days Aramco To List Shares In Hong Kong ‘For Sure’
  • 5 days BP CEO Sees Venezuela As Oil’s Wildcard
  • 5 days Iran Denies Involvement In Bahrain Oil Pipeline Blast
  • 7 days The Oil Rig Drilling 10 Miles Under The Sea
  • 7 days Baghdad Agrees To Ship Kirkuk Oil To Iran
  • 8 days Another Group Joins Niger Delta Avengers’ Ceasefire Boycott
  • 8 days Italy Looks To Phase Out Coal-Fired Electricity By 2025
Don’t Back U.S. Shale To Keep Oil Prices Down

Don’t Back U.S. Shale To Keep Oil Prices Down

The common assumption that U.S.…

Global Energy Advisory November 17, 2017

Global Energy Advisory November 17, 2017

The IEA’s World Energy Outlook…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

Great Britain Launches 28th Round of Licences in the North Sea

Great Britain Launches 28th Round of Licences in the North Sea

The British government and economy have historically relied heavily on oil and gas revenues from fields in the North Sea, yet production from the region has been in constant decline over the past decade or so. Many of the fields are coming to the end of their days and the British economy is feeling the strain.

Any attempt to revive the economy would be hugely boosted by an increase in production from the North Sea, and with this in mind Britain has just launched its 28th tender for oil and gas licences. It has opened up new areas for drilling and exploration, hoping for some large discoveries to provide vital tax revenue and create new jobs.

The last round of licences offered out was in November, when the energy ministry awarded a record 219 licences, trying to attract explorers to the area before the existing infrastructure in place is decommissioned. This new round is expected to also attract a lot of interest, and the government will be accepting all submissions for new licences up until the 25th of April.

Related article: Norway’s Oil Fund Makes Every Norwegian a Kroner Millionaire

Michael Fallon, the UK Energy Minister, said that “there continues to be extremely high level of interest in North Sea oil and gas, which is unsurprising when there could be as many as 20 billion barrels of oil still buried deep within the seabed.”

The North Sea oil fields, shared with Great Britain and Norway, were once rich in crude oil and natural gas, but production peaked around the turn of the century and has been in constant decline ever since. The aged infrastructure is coming to the end of its operational life, and knowing this the British government is keen to boost activity in the region before the end, aware that expecting companies to invest in new infrastructure will be a tall ask.

Last year, 36 new offshore oil and gas projects were approved by the government, creating nearly £6.5 billion ($10.8 billion) in tax revenue and another estimated £5 billion in taxes from its effect on the wider supply chain sectors.

As well as the North Sea, the British government is also hoping that investment in fracking sites around the country will help create a new source of natural gas in the form of a shale boom, helping them to reduce dependence on foreign imports. It is thought that the energy ministry will launch an onshore licensing round early in the summer.

By. James Burgess of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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