Thursday 31 July 2003

UKOOA Statement on 21st Licensing Round Awards

UKOOA has welcomed the awards made in the 21st licensing round today.

Steve Harris, Acting Director General said, The licensing round has been one of the most successful of recent times.

The new Promote License has attracted successful applications at the very top end of expectations. Whilst there is a long way to go before we see how many of these are turned into commercial prospects, we are very encouraged that the level of interest demonstrates that the new license has the potential to increase the activity on the UKCS.

The number of new names represented on the list is a demonstration both of the changing nature of the opportunities on the UKCS and the fact that many companies see the potential for sound commercial developments.

These facts, juxtaposed with the continuing commitment of our current members, including the majors, to investment in the North Sea are the mix that will be required to ensure that we maximise economic recovery of our indigenous natural resources.

Ends

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