UK Awards Record Number of Offshore Licenses

UK’s Energy Minister Michael Fallon announced a second tranche of offers of 52 production licenses, in a bid to foster indigenous oil and gas exploration. 

“This series of offers further demonstrates the continuing attractiveness both of the United Kingdom Continental Shelf as an oil and gas producing province and of our approach to offering a range of licences meeting a diverse range of needs,” Fallon said in a written statement to Parliament published on Friday.

In total, the Department of Energy and Climate Change awarded 219 licences in its 27^th offshore licensing round. It exceeds the previous record of 190 awarded in the 26^th round.

Chancellor of the Exchequer George Osborne approved tax breaks in 2012 to maintain and attract new investments before old infrastructures are taken out of action.

Next year, Britain will open the 28^th offshore licensing round and the 14^th tender for onshore oil and gas.