Targeting frontier areas in the North Sea
Latest license round set to unlock stranded reserves
When the UK's Oil and Gas Authority (OGA) launched the 30th Offshore Licensing Round in July 2017, the oil price was still below $50 a barrel and corporate spending was restricted. Against that background, the OGA focused on acreage close to existing fields that offered the prospect of relatively low-cost development. Drillers might feel these were worth another look in light of recent discoveries and more detailed geophysical data. The OGA offered 813 blocks or part-blocks, in mature areas of the UK Continental Shelf (UKCS) covering 114,426 sq km. The round resulted in the awarding in May 2018 of 123 licences over 229 blocks or part-blocks to 61 companies ranging from supermajors to new ent
Also in this section
17 June 2025
Israel’s attack on Iran caught oil firms with low inventories due to their efforts to protect themselves from falling prices, creating a perfect storm
17 June 2025
Sound development planning is essential in this diverse and rapidly evolving region
16 June 2025
The launch of the much-needed yet oft-delayed Africa Energy Bank remains shrouded in questions and funding constraints, but its potential is clear
16 June 2025
BP and partners have reached a $2.9b FID on a new phase at Shah Deniz, but slow progress on other gas projects is attributed to a lack of European support
