![north sea transition authority](/sites/default/files/styles/hart_news_article_image_640/public/image/2023/01/north-sea-transition-authority.jpg?itok=yL_JuoQR)
(Source: T. Schneider / Shutterstock.com)
Britain's first oil and gas exploration licensing round since 2019 attracted 115 bids, up from 104 in the last round, with the licenses likely to be awarded from the second quarter, the North Sea Transition Authority (NSTA) said on Jan. 17.
Britain's government is looking to boost domestic hydrocarbon output as Europe weans itself off Russian fuel, but climate activists have criticized the licensing round and Greenpeace is working on a legal challenge.
Britain's recent increase to a windfall tax on the oil and gas sector has pushed the U.K. North Sea's biggest oil and gas producer, Harbour, to shun the licensing round.
RELATED
Shell Energy Transition Prompted Talks to Sell Norway Business
Energy majors Shell and BP took part, company spokespeople said.
The 115 bids came from 76 companies for 258 of 931 blocks on offer. That compared with 104 bids for 245 blocks out of 768 on offer in 2019, the NSTA said.
The British North Sea, home to the Brent global benchmark grade, is an ageing basin where oil and gas production has fallen from a 1999 peak of about 4.4 MMboe/d to about 1.5 MMboe/d.
While hosting the 2021 COP26 climate summit, Britain decided not to join an alliance of countries vowing to stop new oil and gas projects on their territory.
Recommended Reading
Talos Ups Buybacks, Pays Down Debt Post $1.29B QuarterNorth Deal
2024-07-22 - Talos Energy said it repaid $325 million in debt since closing its $1.29 billion cash-and-stock acquisition of E&P QuarterNorth in March.
Comet Ridge Awarded Mahalo Far East Extension for 6-year Term
2024-07-22 - Comet Ridge was awarded 100% ownership and operator of Australia’s Mahalo Far East Extension for an initial term of 6 years.
Equinor Subsidiary Contracts Valaris Drillship Offshore Brazil
2024-07-22 - Valaris and Equinor Energy do Brasil’s multi-year contract is valued at approximately $498 million.
Williams Begins Louisiana Project Despite Lingering Legal Dispute
2024-07-22 - Williams Cos. Informed FERC that the Louisiana Energy Gateway project will begin construction despite an ongoing dispute with midstream rival Energy Transfer.
What's Affecting Oil Prices This Week? (July 22, 2024)
2024-07-22 - While oil traders have been adding to their net long positions in recent weeks, the rate of increase has slowed. Last week, traders of WTI increased their net long positions by only 4.25% by increasing their long positions while decreasing their short positions, while traders of Brent crude decreased their net long positions by increasing their short positions.