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UK 29th offshore licensing round launch

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04 August 2016

UK 29th offshore licensing round launch

Report summary

The Oil and Gas Authority has offered 1,261 blocks as part of the frontier 29th Offshore Licensing Round. The acreage on offer is in frontier and under-explored areas of the UK sector, including the Rockall Trough, Mid North Sea High and the East of Shetland Platform. A new 'Innovate' licence type has also been announced which should provide flexibility to the smaller cash-strapped) companies. The data released from the UK government-funded seismic programme in 2015 should encourage further evaluation of these frontier areas. Companies can bid on the acreage until 26 October 2016. We assume the awards will be made in the second quarter of 2017.

Table of contents

  • Innovation in this new-format frontier licensing round
  • Acreage on offer
    • Timeline
    • Data
      • Government-funded seismic programme
    • Evaluation process
    • Rockall Trough
    • Mid North Sea High
    • East of Shetland Platform
    • Fiscal regime
    • Model field sensitivity analysis
      • Mid North Sea High (MNSH) Carboniferous and Tertiary
      • East of Shetland Platform Mesozoic
      • The 29th Offshore Licensing Round, what's new?
        • The OGA
        • Innovate licence
      • Round expectations
        • Will exploration pick up with these new measures?
          • Exploration and the OGA
          • Corporate
          • Conclusions

Tables and charts

This report includes 18 images and tables including:

  • Criteria for success
  • 29th round: Mid North Sea High, East of Shetland Platform and Rockall Trough acreage on offer
  • Summary of offered acreage
  • Timeline: 186 days
  • Location of Rockall Trough acreage on offer and legacy wells
  • Location of Mid North Sea High acreage on offer and legacy wells
  • Location of East of Shetland Platform acreage on offer and legacy wells
  • International fiscal comparison
  • Summary of government-funded seismic campaigns
  • Summary of government-funded gravity and magnetics surveys
  • Sensitivities North MNSH Tertiary (25 mmboe)
  • Sensitivities South MNSH Carboniferous (50 mmboe)
  • NPV10 and IRR with oil price variance
  • UK 29th offshore licensing round launch: Image 11
  • OGA key events
  • Innovate licence timeline
  • Firm wells and licences per round
  • Well spuds and oil price

What's included

This report contains:

  • Document

    29th round data.xls

    XLS 514.50 KB

  • Document

    Maps.zip

    ZIP 15.45 MB

  • Document

    UK 29th offshore licensing round launch

    PDF 1.62 MB

  • Document

    UK 29th offshore licensing round launch

    ZIP 17.33 MB

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