In vote of confidence, oil firms mop up new North Sea blocks 10:39am EDT [Reuters]
Royal Dutch Shell PLC Royal Dutch Shell PLC American Depositary Shares (Each representing two Class B Ordinary Shares) (RDS.B)
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Source: Reuters
In vote of confidence, oil firms mop up new North Sea blocks | Reuters 2 Min Read LONDON (Reuters) - The UK Oil and Gas Authority (OGA) on Wednesday awarded 123 licenses to 61 companies to explore for and develop new fields in the North Sea, in the latest sign of confidence in the aging basin that has enjoyed a revival in recent years. Companies ranging from Royal Dutch Shell, BP and Norway’s Equinor, to smaller independents including Siccar Point, Chrysaor and Premier Oil were awarded 229 blocks covering a total area of 26,659 square km, the OGA said in a statement. “The OGA expects this round to lead very quickly to activity, providing a welcome boost to exploration,” it said. Fourteen of those licenses are expected to progress straight to field development planning, it said. The round could unlock about a dozen undeveloped discoveries containing an estimated 320 million barrels of oil equivalent (boe), it added. The North Sea was one of the world’s first offshore basins, and has pr
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