News Archive for: July 2014

• Seismic

Forty years ago the United Kingdom Continental Shelf (UKCS) boasted a small number of very large oilfields discovered by major operators. Now, as a mature offshore basin, the average discovery size has shrunk to a fraction of what it once was with small and medium independent companies dominating…

The U.K. will begin the bidding process today for the next set of onshore oil and gas exploration licenses, including shale gas, which is considered a cheaper and more secure energy source.

Details will be set out by the Department of Energy and Climate Change. About half the U.K. will…

Ministers are this week expected to offer up vast swathes of Britain for fracking in an attempt to lure energy companies to explore shale oil and gas reserves.The Department for Energy and Climate Change is expected to launch the so-called “14th onshore licensing round”, which will invite companies to…

British oil and gas company BG Group is considering selling its largest platforms in the North Sea for 1 billion pounds ($1.7 billion), The Times reported on Thursday, citing unnamed sources.

According to the newspaper, the company may sell its Armada, Everest and Lomond platforms, as part of…

There is still a considerable amount of oil and gas to recover in the North Sea – up to 21 billion barrels of oil equivalent. However, exploration and production is becoming harder and more expensive.

The new allowance builds on Sir Ian Wood’s recommendations for maximising economic production of oil…