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2016-07-27 18:40:00

BRITAIN HAS CUT TO 90%

BRITAIN HAS CUT TO 90%

 

BRITAIN OIL GAS MAP

 

According to REUTERS, Britain has cut rental fees by up to 90 percent in its latest tender for oil and gas licenses in the North Sea launched on Wednesday in a bid to attract companies to find new fields in the mature basin.

Companies will now be able to apply for cheaper and more flexible licenses to gain access to 1,261 blocks by Oct. 26, followed by license awards to be issued by the Oil and Gas Authority (OGA) at a later date.

The hunt for new oil and gas fields in the British part of the North Sea is expected to fall to the lowest in 45 years this year as energy companies have scaled back exploration budgets due to weak oil prices.

Despite being an old basin, Britain's North Sea is estimated to have billions of barrels left for extraction, worth around 200 billion pounds ($262.56 billion) to British government coffers.

The latest licensing round, the 29th, offers access to new areas in the Rockall Trough, the mid-North Sea High and East Shetland, which were subject to a government-funded seismic testing campaign earlier this year.

"We recognise that market conditions are currently very difficult but nevertheless we have a shared goal of making the basin as attractive as possible for exploration," Andy Samuel, chief executive of the OGA, said.

The Oil and Gas Authority's contract changes will reduce license rental fees in some cases by up to 90 percent per square kilometer and allow explorers more flexibility in terms of when they can carry out certain work programs.

Companies which obtained licenses in last year's bumper 28th licensing round, Britain's biggest ever, included Shell (RDSa.L) and Eni (ENI.MI).

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Earlier: 

BRITAIN & OIL PRICES DOWN: $47.8 

BRITAIN PRICES UP 

BRITAIN'S HEADLESS CHICKENS 

BRITAIN LOSE 120,000 JOBS 

СОТРУДНИЧЕСТВО РОССИИ И БРИТАНИИ

 

Tags: BRITAIN, OIL, GAS, FIELD

Chronicle:

BRITAIN HAS CUT TO 90%
November, 15, 15:25:00

OIL PRICE: ABOVE $61 AGAIN

REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.

BRITAIN HAS CUT TO 90%
November, 15, 15:20:00

IEA COOLS THE MARKET

BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.

BRITAIN HAS CUT TO 90%
November, 15, 15:15:00

IEA: GLOBAL ENERGY DEMAND UP BY 30%

Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.

BRITAIN HAS CUT TO 90%
November, 15, 15:10:00

RUSSIA'S OIL EXPORTS UP

Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.

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