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.
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