1 July 2003
New licensing for mature areas
THE GOVERNMENT is to replace its North Sea awards' process - through which it seeks to step up the pace of work in mature areas - with a more formalised system of annual licensing. The ministry of petroleum and energy says it will establish a fixed, pre-defined exploration area, which will be extended when new areas develop into mature areas. (The change does not affect the country's main licensing rounds, to which the North Sea awards have always been supplementary.) The ministry says that, from 2004 onwards, companies will be able to apply for blocks in the pre-defined area between 1 January and 1 October each year. The last three months of the year will be a closed period during which the
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