A total of 224 applications covering 418 blocks were lodged, the most ever in one round, with 330 new licenses awarded and a further 61 facing environmental assessment.
The strong level of interest that continues to be shown in the North Sea, together with the wide range of companies that have successful gained new acreage in recent years, supports the views of experts that substantial value remains in the region for well-funded explorers and producers.
"There are up to 24 billion recoverable barrels of oil equivalent remaining in the North Sea, with a wholesale value of £1.5 trillion,” said Energy Minister Fergus Ewing. “This successful licensing round proves that the North Sea continues to attract investors.”
