Tuesday 14 September 2004

UKOOA Welcomes Successful 22nd Licensing Round

The UK Offshore Operators Association (UKOOA), the representative organisation for oil and gas producers in the UK, welcomes todays announcement of a successful 22nd Offshore Licensing Round.

Malcolm Webb, Chief Executive of UKOOA, said:

The number and diversity of licences awarded today demonstrates that interest in exploring for new offshore oil and gas prospects in the UK is far from dead.  This is good news for the industrys future and will boost its activities to ensure the maximum recovery of the UKs remaining economic oil and gas reserves

Both the number of companies entering UK offshore waters for the first time and the response to the Frontier Licence, promoting exploration in the challenging areas to the West of Shetland, are very encouraging. 

I am also particularly pleased to see the success of the Promote Licence.  Not only are we now seeing wells being drilled in the North Sea because of the Promote Licences awarded in the last round, but also more and more companies clearly regard this form of licensing as an effective route into the UK. 

Equally significant is the number of blocks that have been recycled as a result of PILOTs fallow initiative, which encourages dormant assets to be relinquished and offered to potential new investors.

Note to Editors The UK Offshore Operators' Association (UKOOA) is the representative organisation for companies licensed by the British Government to explore for and produce hydrocarbons in UK waters.  It has 30 members.

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