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EXPLORATION

UK kicks off oil and gas licensing round to boost domestic supply

ON Friday, the UK launched its first oil and gas exploration licensing round since 2019 to try and boost domestic hydrocarbon output as Europe weans itself off Russian fuel amid its ongoing geopolitical struggle with Moscow over its invasion and ongoing war in Ukraine.

Tim Daiss
UK kicks off oil and gas licensing round to boost domestic supply

  The British North Sea, home to global oil benchmark Brent crude, is an aging basin where oil and gas production has fallen from a 1999 peak of around 4.4 million boed to around 1.5 million boed, according...

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