The Oil and Gas Authority (OGA) has granted 123 licenses of more than 229 blocks or part-blocks to 61 companies under the 30th Offshore Licensing Round.
These awards will serve as a platform for future exploration and production across the UK Continental Shelf (UKCS).
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OGA has offered a total of 26,659km² for awards. The additional area under licence will be a 50% increase on the existing acreage.
OGA expects this licensing round to lead quickly to activity.
The new work programme includes nine firm new-shoot 3D seismic surveys, eight firm exploration/appraisal wells and 14 licenses advancing directly to field development planning as these are second-term licenses.
This round is expected to unlock around 12 undeveloped discoveries with an estimate of 320 million barrels of oil equivalent.
UKCS is estimated to currently have around 1.5 billion barrels of oil equivalent of resource in commercial undeveloped discoveries. Many of these were earlier considered to be too small or technically difficult.
The 30th round offers line-of-sight to the advancement of 20% of the untapped reserves.
In addition, around 3.6 billion barrels of oil equivalent of exploration prospectivity will be advanced by the new licensees using industry’s resource estimates.
OGA chief executive Dr Andy Samuel said: ‘The UKCS is back. Big questions facing the basin have been answered in this round. Exploration is very much alive with lots of prospects generated and new wells to be drilled.
“The results show a great diversity of active players from super-majors to new entrants, and the hard work promoting undeveloped discoveries is starting to pay off. I’m looking to industry to rapidly press ahead with these activities and maximise recovery from these great opportunities.
“Together, we are building on the good momentum and collective efforts of industry, OGA and government over the last three years, with four projects already sanctioned this year and a healthy pipeline of 50 projects under consideration.”
The OGA offered several incentives to support the round and increase interest, including the new, flexible Innovate Licence, an extended 120-day application period; technology forum in conjunction the Oil and Gas Technology Centre.
