UK Offshore Exploration reaches out to New Frontiers
Article from: OGEL 2 (2004), in Roundup of Articles
On 6 February 2004, the DTI announced the introduction of a new licence for the exploration and development of petroleum in the UK Continental Shelf (UKCS). Known as the 'Frontier' licence, it is designed primarily to help boost the levels of exploration being undertaken in the North Sea. The Frontier licence will allow companies to apply for larger amounts of acreage than held under a traditional licence, with rental fees discounted by up to 90 per cent. After an initial 'screening phase', Frontier licensees will then be able to relinquish three quarters of their acreage rather than the ...