Record-breaking North Sea licensing roundNews // May 23, 2012
The latest North Sea licensing round for oil and gas drilling has broken all previous records for the number of applications received by the Government.
A total of 224 applications have been submitted for the 27th Licensing Round covering 418 blocks of the UK Continental Shelf. It is the largest number since offshore licensing began in 1964 and is 37 more than the previous high total received in the last licensing round.
Charles Hendry, UK Minister of State for Energy, said: “There remains an extraordinary level of interest in North Sea oil and gas and it is tremendous news for industry and for the UK economy.
“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 - providing energy security and jobs.
“Now our task is to ensure this considerable level of interest continues and that we make the most of this valuable, British resource.”
The UK’s oil and gas sector still provides almost half of the country’s energy and is by far the largest single industrial UK investor. Directly and indirectly it supports around 450,000 jobs in the UK.