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    Wilson announces new approach to UK gas and oil exploration

    News // February 14, 2003
    A new type of licence designed to increase the amount of oil and gas activity in the North Sea was announced today by Energy Minister Brian Wilson.

    The 'promote' licence is being launched, along with the traditional production licence, as part of the 21st offshore licensing round.

    Under the 'promote' licence the rental fee will be cut by 90% for the first two years compared to the rate for a traditional exploration and development licence, giving smaller newcomers the opportunity to find oil and gas.

    'Promote' will give the holder time to assess the licence area for oil and gas before 'promoting' their asset to investors to finance the cost of drilling and undertaking a commitment to do further work.

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