Record bids for latest UK license round

Offshore staff

LONDON – Britain has received a record number of applications in its latest offshore licensing round.

The 27th round received 224 bids covering 418 UK offshore blocks. This is 37 more than the previous high total received in the last licensing round. The submissions comprised applications for 192 traditional licenses, 25 in the promote category, and seven for frontier licenses.

Charles Hendry, Energy minister, said: “We have been working extremely hard with the oil and gas industry to ensure the UK remains an attractive place to invest. The recent budget was an important step to create a fiscal environment for North Sea development to flourish.”

5/23/2012

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