Oil and gas exploration in the North Sea is continuing apace with the award of a new licence in the UK 26th Licensing Round to a Northern Petroleum subsidiary.
The new licence is located offshore adjacent to Northern's Isle of Wight onshore licence, PEDL 240, which was awarded in May 2008. The part blocks—98/13 and 98/14—cover the offshore extension from PEDL 240 of a prospect that was mapped prior to 2008.
The licensees in part blocks 98/13 and 98/14 are operator and wholly-owned Northern subsidiary NP Solent, which holds 62.5 per cent; Magellan Petroleum with 22.5 per cent; Encore Oil with 7.5 per cent; Montrose Industries with five per cent; and Oil & Gas Investments with 2.5 per cent.
As yet there is no firm drilling commitment attached to the licence award.
Derek Musgrove, managing director of Northern, said: "We are very pleased to have been offered part blocks 98/13 and 98/14. This allows the joint venture to evaluate the oil and gas potential of the mapped well defined prospect that extends from the Isle of Wight into the English Channel.”
Musgrove went on to say: “Northern recognises that the prospect is in an Area of Outstanding Natural Beauty (AONB) and a Heritage Coast. At Northern we well understand the attendant challenges that are posed in conducting field operations in an environmentally safe and responsible manner.
“To date, Northern has an exemplary track record for its drilling operations, the most recent of which was Markwells Wood-1, completed in January 2011, which is currently undergoing flow testing operations in West Sussex."
Northern Petroleum is headquartered in London.
