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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%
2018, September, 24, 15:05:00

SAUDI ARAMCO WANTS +50%

ARAB NEWS - Saudi's Aramco Trading Company (ATC) expects to increase its oil trading volume to 6 million barrels per day (bpd) in 2020, 50 percent higher than current levels, the company's top official said on Monday.

BRITAIN HAS CUT TO 90%
2018, September, 24, 15:00:00

U.S. RIGS DOWN 2 TO 1,053

BAKER HUGHES A GE - U.S. Rig Count is down 2 rigs from last week to 1,053, with oil rigs down 1 to 866, gas rigs unchanged at 186, and miscellaneous rigs down 1 to 1. Canada Rig Count is down 29 rigs from last week to 197, with oil rigs down 13 to 135 and gas rigs down 16 to 62.

BRITAIN HAS CUT TO 90%
2018, September, 21, 11:00:00

OIL PRICE: NEAR $79 STILL

REUTERS - International benchmark Brent crude for November delivery LCOc1 was up 26 cents, or 0.33 percent, at $78.96 a barrel by 0647 GMT. U.S. West Texas Intermediate crude for October delivery CLc1 was up 7 cents, or 0.10 percent, at $70.39 a barrel.

BRITAIN HAS CUT TO 90%
2018, September, 21, 10:55:00

RUSSIA'S OIL PRODUCTION: 11.3 MBD

BLOOMBERG - Russia's oil output is currently fluctuating between 1.54 million and 1.55 million tons a day -- driven mainly by state-run giant Rosneft PJSC -- the official said, asking not to be named as the information isn’t public yet. That equates to 11.29 million to 11.36 million barrels a day, beating the previous record of 11.25 million barrels a day set in October 2016 before Russia agreed with the Organization of Petroleum Exporting Countries to cut production.

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