Monday 14 November 2005

UKOOA Welcomes Promote Success

Responding to the Energy Minister's statement today on the success of the "Promote" licensing initiative, Paul Dymond, operations director of the UK Offshore Operators Association, said:

"Todays announcement confirms the success of the "promote" licence as a major catalyst for attracting new investment into the North Sea. 

"Promote's" innovative approach to licensing has turned around the prospect for activity in acreage which has largely been seen as unattractive in the past.  The commitment given by the companies involved to push forward with actual exploration and possibly new development, exceeds our expectations and is very much to be welcomed.

"We expect the momentum to continue with the Prospect Fair in London next month (14 15 December) where "promote" licensees from the 22 and 23 Licensing Rounds will be able to communicate their plans to potential co-venturers."

For more information, please call 020 7802 2400.