Insight
Upstream licensing: key trends in H1 2022
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Report summary
Contrasting trends were evident in upstream licensing rounds in mid-2022. A dearth in round awards contrasted with a flurry of new rounds in July. Similarly, fiscal terms faced competing tensions. The volatile market conditions provide some explanation for these contradictions, along with looming energy transition pressures. The accelerated pace of the industry should provide all parties with some comfort that acreage secured now will be well-placed to begin production by the end of the decade, with deepwater taking a few years longer.
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