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The Oil and Gas Authority (OGA) has launched the 29th offshore licensing round with more than 1,200 blocks available to support the objective of maximising economic recovery from the UK Continental Shelf. A new concept – Innovate Licence – has also been introduced and will allow licensees to work with the OGA to design an optimal work programme. The approach was developed by the MER UK Exploration Board for more appropriate phasing of activity, rental fees and competency tests and implements a stage-gate process for better monitoring of progress than the previous licensing regime.
At a time when investment on the UKCS has been severely challenged, this new cooperative approach between the OGA and prospective licence applicants will deliver bespoke arrangements that best fit the priorities and resources of all stakeholders and is a decisive step away from the one size fits all approach that was characteristic of earlier licence rounds.
Find out more about the latest licensing round here.