The licences are awarded as part of the third and final tranche of the NSTA’s 33rd oil and gas licensing round. Credit: Igor Hotinsky/Shutterstock.com.

North Sea Transition Authority (NSTA) has awarded 31 new oil and gas licences in the North Sea, supporting UK energy security and jobs.

The move forms part of as the Britain’s oil and gas regulator’s efforts to extend production in the ageing basin.

Awarded as part of the third and final tranche of the NSTA’s 33rd oil and gas licensing round, the licences are primarily aimed at gas extraction in the southern North Sea, according to industry body Offshore Energies UK (OEUK).

The licences are expected to come on stream within the next five years.

Following comprehensive environmental assessments, the third tranche has seen 82 offers made to 50 companies, following 115 bids from 76 companies for 257 blocks and part-blocks.

See Also:

The licences granted in this round are estimated to contribute approximately 600 million barrels of oil equivalent (mmboe) by 2060, or 545 mmboe by 2050.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

NSTA new ventures director Andy Brooks said: “These licences could sustain oil and gas production, bringing significant benefits for jobs and the economy, and the NSTA will work with the licensees to help bring them into production as quickly as possible.”

The latest award come after 27 licenses that were offered in October 2023 and 24 licenses offered in January of the same year.

With over 280 active oil and gas fields in the North Sea, approximately 180 are expected to cease production by 2030 due to natural decline.

OEUK has highlighted the necessity for new licences to prevent a sudden drop in domestic production.