UK Government Seeks North Sea Investors
The United Kingdom has launched its 28th tender for new offshore licences, with the Government wishing for results similar to the ones obtained in the last round.
The record number of licences award in occasion of the 27th round creates the conditions for an increasing recovery of indigenous oil and gas, the Government said on Friday.
“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. This new round of drilling for offshore oil and gas will help boost growth, energy security, and jobs in the UK,” Energy Minister Michael Fallon commented in a note.
Applications will be need to be submitted by 25 April 2014.
According to the Financial Times, the decline of oil and gas production has caused £6 billion of loss for the Treasury in terms of lower tax receipts.
Britain is expected to launch the new onshore licensing round in early summer.