UKOOA responds to 20th licensing round announcementOrganisations and Associations // February 1, 2002
He said: "Significant acreage in the North Sea is now being offered for new oil and gas exploration which will give fresh impetus to exploration activity on the UK Continental Shelf".
"Estimates suggest that the UK's remaining oil and gas reserves offer great potential, ranging between 26 and 34 billion barrels of oil equivalent. But if the UK Continental Shelf (UKCS) is going to meet PILOT's aspirations to sustain production at 3 million boe per day until 2010, there needs to be more successful exploration, together with full recovery of reserves from established acreage.
"UKOOA's members are determined to continue working constructively and productively with other parts of the sector and Government within PILOT to maximise the recovery of Britain's indigenous oil and gas reserves. The revised licensing terms for the 20thRound were fully worked through UKOOA's Exploration Committee with a view to stimulating greater exploration activity. In addition, operators have been working with contractors throughout 2001on PILOT's "progressing partnership" initiative to address barriers to new development on the UKCS, with the results due to be announced in March."