Insight
Licensing in 2022 and what lies ahead
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Report summary
Licensing activity in 2022 continued at the subdued levels. Explorers are moving towards a leaner, cleaner portfolio, with a primary focus on optimisation above expansion. Decade-high value creation in 2022 will likely incentivise explorers to continue to hunt for the next Guyana and Namibia. Almost three quarters of total blocks awarded in 2022 were offered in formal licensing rounds. However, the permanent offer model through and direct negotiations are gaining traction.
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