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Britain awards oil and gas licences in bid to boost exploration

Reuters - UK Focus

LONDON, July 27 (Reuters) - Britain on Monday awarded 41 licences to drill for oil and gas in the North Sea, the government said, with oil majors Shell (LSE: RDSB.L - news) and ENI (Swiss: ENI.SW - news) among the successful bidders.

The awards marked the end of Britain's Oil And Gas Authority's (OGA) latest licensing round. They brought the total number of licences granted under the round to 175, making it one of the largest in the last 50 years.

Britain's North Sea is one of the world's most mature and therefore costly areas to explore for oil and gas. The high number of licences issued shows the government is trying to attract as much exploration activity as possible to help dampen a rapid decline in North Sea production.

"Licences are just a start, and industry, government and the OGA now need to work together to revitalise exploration activity across the basin and convert licences into successful exploration wells," said OGA Chief Executive Andy Samuel.

Italian oil company ENI (NYSE: E - news) was awarded three licences, covering 23 blocks, while Shell received one licence to explore 10 blocks, government data showed. (Reporting by Karolin Schaps; Editing by Pravin Char)