UK Awards More North Sea Oil And Gas Licenses

Britain's oil and gas regulator has awarded 31 new hydrocarbon exploration licenses as part of efforts to extend production in the aging basin, Reuters reported.

The licenses are part of the third and final tranche of the North Sea Transition Authority's (NSTA) 33rd oil and gas licensing round, which has awarded a total of 82 licenses to 50 companies. I Photo: North Sea Transition Authority

The licenses are part of the third and final tranche of the North Sea Transition Authority's (NSTA) 33rd oil and gas licensing round, which has awarded a total of 82 licenses to 50 companies.

The round has so far licensed exploration activity with the potential to add around 600 million barrels of oil equivalent (mmboe) up to 2060, or 545 mmboe by 2050.

This has angered environmental groups that argue the expansion of oil and gas production is inconsistent with the government's target to become a net-zero carbon economy by 2050.