LONDON, Jan 24 (Reuters) – Britain has launched its 28th tender for oil and gas licenses, opening up new offshore areas to drilling for fossil fuels that generate important tax revenue and create jobs.
The government said on Friday it expected a high level of interest in the tender after it awarded a record 219 licences in the previous round two months ago.
“There continues to be extremely high level of interest in North Sea oil and gas, which is unsurprising when there could be as many as 20 billion barrels of oil still buried deep within the seabed,” Energy Minister Michael Fallon said in a statement.
Submissions for new licences have to be made to the government by April 25.
Britain’s oil and gas output has been in steady decline since production peaked around the turn of the century and the government is speeding up its planning regime to help oil and gas companies extract resources left below the seabed.
The oil and gas industry is an important contributor to government revenue.
Last year, 36 new offshore projects were approved, generating around 6.5 billion pounds ($10.8 billion) in tax revenue and another 5 billion pounds through taxes on the wider supply chain, the government said.
The sector also employs roughly 350,000 people, of which 45 percent in Scotland.
The government is also counting on vast onshore shale gas resources to help stem Britain’s growing dependence on energy imports and boost government coffers.
The energy department is expected to launch the country’s next onshore licensing round, which includes shale gas, in early summer.
($1 = 0.6013 British pounds) (Reporting by Karolin Schaps; Editing by Mark Potter)
Offshore wind turbine manufacturer Vestas has signed a Memorandum of Understanding with A.P. Moller-Maersk, Jeonnam Province, and Mokpo City for supply chain investment in South Korea’s offshore wind energy sector....
(Bloomberg) — The fledgling US offshore wind industry took another blow Friday — but for a new reason: a desired turbine isn’t available. The absence of 18-megawatt turbines set off...
ROME (Reuters) – An Italian judge on Friday cleared three migrant sea rescue charities that had been accused of abetting irregular immigration in complicity with human traffickers, throwing out a case opened...
April 20, 2024
Total Views: 863
Why Join the gCaptain Club?
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.