- The U.K. has cut rental fees by as much as 90% in its latest tender for oil and gas licenses in the North Sea, in a bid to attract energy companies that have have scaled back exploration budgets due to weak oil prices.
- Companies will now be able to apply for cheaper and more flexible licenses to gain access to 1,261 blocks by Oct. 26, followed by license awards to be issued at a later date.
- Although an old basin, the U.K.'s North Sea is estimated to have billions of barrels left for extraction, worth ~£200B ($262.5B) to the British government.
- Companies which obtained licenses in last year's licensing round, Britain's biggest ever, included Royal Dutch Shell (RDS.A, RDS.B) and Eni (NYSE:E).