Licences for North Sea oil hit 35-year record

Any suggestion that the North Sea oil and gas industry is in its twilight years was swept aside yesterday with the announcement that the 24th licensing round for UK exploration and production is at a 35-year record.
Fears that Chancellor Gordon Brown’s oil tax increase might have a serious impact have proved unfounded in a time of $70-a-barrel prices.
Malcolm Wicks, the Energy Minister, announced there had been 147 applications by 121 companies and the increase was in both traditional applications and in those from newer and smaller entrants.

theherald