Oil & gas/20th Offshore Licensing Round

摘要

In July 25 Licences were offered in the 20th Offshore Licensing Round to Licence groups made up of 33 different companies. They included six companies acquiring their first offshore licences. To prevent the appearance of fallow acreage in future, there are some significant changes in the Licences compared with earlier versions. The first two terms will last for four years each instead of six and twelve years respectively, and there will be a mandatory relinquishment of all acreage that is not covered by a Development Plan at the end of the Second Term. The Government will also be enabled to publish information three years after receiving it, instead of five (or at licence surrender, whichever is sooner). All this is part of the Government's strategy of bringing together acreage with companies best fitted to exploit it. The Licences are Seaward Production Licences, which entitle the licensee to explore for and develop the UK's petroleum resources within each licensed area.