UK offshore exploration reaches out to new frontiersNews // February 20, 2004
The new 'Frontier' licence allows companies to apply for relatively large amounts of acreage at significantly reduced costs and give them more time to carry out the necessary exploration and development.
The licence will be on offer in the forthcoming 22nd Offshore Licensing Round and will apply to blocks in the Atlantic Margin, West of the Shetland Isles.
Announcing the new licence at an energy conference in Sanderstolen, Norway, Mr Timms said: "I am delighted to make yet another improvement to our Licensingsystem by introducing the Frontier licence. It is further proof of our commitment to innovate where possible and maximise the full potential of our UKCS reserves."
"By reducing the cost and extending the exploration time of the licence we are sending out a strong signal to companies that exploration and development in challenging areas will be supported and encouraged by Government."
"Following on from the success of the Promote licence in the 21st round of licensing which provided great incentives to the smaller prospectors, I believe that the Frontier licence offers benefits to the more established players who are more likely to prospect in the new blocks."