NEW North Sea gas fields could be brought into production within as little as 18 months after the government secured bids for a series of new licences.
The North Sea Transition Authority said today that it had received 115 bids from 76 companies seeking the rights to 258 geographical blocks.
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It had offered access to 931 areas under the latest licensing round, which launched in a blaze of publicity during Liz Truss’ brief premiership October.
The details have not been disclosed but the winners are expected to be announced from the second quarter.
The authority said the licensing round “included four priority areas, which have known hydrocarbons, in which there was very keen interest and could see production in as little as 18 months”.
These are clusters of explored but undeveloped fields in the southern North Sea, an area with significant existing gas production.
Licences give companies the right to produce from an area but they still require other consents and approvals to proceed.
The authority said that “the bids will now be carefully studied, with a view to awarding licences quickly and supporting licensees to go into production as soon as appropriate”.
