High interest in offshore but low commitments in UK round
134 licences were awarded, and a further 94 are subject to environmental assessment
Awards made in November in the UK’s 28th licensing round point to a high level of interest in the offshore, particularly from smaller explorers - but work commitments add up to only six firm wells. The majority of operators have committed only to reprocessing existing seismic data, although all licences provide for a drill-or-drop well option. The Department of Energy and Climate Change (DECC) awarded an initial 134 licences covering 252 blocks, and said another 94 licence applications are still subject to environmental assessment. The round could therefore prove to be larger than the 27th round, under which 219 licences were awarded in 2012 and 2013. Promote licences, under which small com
Also in this section
5 March 2026
Gas is a central pillar of Colombia’s energy system, but declining production poses a significant challenge, and LNG will be increasingly needed as a stopgap. A recent major offshore gas discovery offers hope, but policy improvements are also required, Camilo Morales, secretary general of Naturgas, the Colombian gas association, tells Petroleum Economist
4 March 2026
The continent’s inventories were already depleted before conflict erupted in the Middle East, causing prices to spike ahead of the crucial summer refilling season
4 March 2026
The US president has repeatedly promised to lower gasoline prices, but this ambition conflicts with his parallel aim to increase drilling and could be upended by his war against Iran
4 March 2026
With the Strait of Hormuz effectively closed following US-Israel strikes and Iran’s retaliatory escalation, Fujairah has become the region’s critical pressure release valve—and is now under serious threat
