UK launches new tender for offshore oil and gas

January 24, 2014

Britain has launched its 28th tender for oil and gas licences, opening up new offshore areas to drilling for fossil fuels that generate important tax revenue and create jobs, Reuters reported on January 24.

The government said on January 24 it expected a high level of interest in the tender after it awarded a record 219 licences in the previous round two months ago.

"There continues to be extremely high level of interest in North Sea oil and gas, which is unsurprising when there could be as many as 20 billion barrels of oil still buried deep within the seabed," Energy Minister Michael Fallon said in a statement.

Submissions for new licences have to be made to the government by April 25.

The energy department is expected to launch the country's next onshore licensing round, which includes shale gas, in early summer.

Copyright: Reuters, 2014