Oil Firms Mop Up Over 220 North Sea Blocks

The UK Oil and Gas Authority (OGA) on May 23 awarded 123 licenses to 61 companies to explore for and develop new fields in the North Sea, in the latest sign of confidence in the ageing basin that has enjoyed a revival in recent years.

Companies ranging from Royal Dutch Shell (NYSE: RDS.A), BP (NYSE: BP) and Norway’s Equinor (NYSE: EQNR), to smaller independents including Siccar Point Energy, Chrysaor and Premier Oil were awarded 229 blocks covering a total area of 26,659 sq km (10,293 sq miles), the OGA said in a statement.