UK’s North Sea Licensing Round Attracts Dozens of E&Ps in Push to Boost Domestic Production

Shell plc and BP plc were among the 76 companies that made 115 bids for 258 of the 931 blocks on offer in the UK’s offshore oil and gas exploration licensing round last month. 

It was the country’s first licensing round since 2019, which attracted 104 bids for 245 blocks. The Department of Business, Energy and Industrial Strategy (BEIS) said the latest round was aimed at increasing the UK’s domestic oil and gas production, but noted that pipeline and LNG imports would continue to play a role as part of the UK’s future energy mix.

The auction included four priority areas that hold known oil and gas reserves across the North Sea. The areas could see production in as little as 18 months, compared to others that have yet to identify reserves, according to the North Sea...