The Oil and Gas Authority (OGA) is opening 768 blocks or part-blocks on offer across the main producing areas of the U.K. Continental Shelf (UKCS) under the 32nd offshore licensing round, the OGA announced on Wednesday.
'Government forecasts show that oil and gas will remain an important part of our energy mix for the foreseeable future, therefore maximizing economic recovery from the UKCS is vital to meet our energy demands and reduce reliance on imports,' OGA said.
The authority is also offering companies the opportunity to propose additional blocks in adjacent areas, for possible inclusion where applicants intend to commit to a substantial firm work program.
The licensing round will close for application on Nov. 12 with decisions expected to be made in the second quarter of 2020.
The announcement comes mere weeks after the U.K. passed a law committing to a target of net zero emissions by 2050 on June 27.
By Zeynep Beyza Kilic