Eni reported Tuesday that it has won a new production license in the UK sector of the North Sea.
Eni (NYSE: E) reported Tuesday that it has won a new production license in the U.K. sector of the North Sea.
Secured via the 32
nd U.K. Offshore Licensing Round, the P2511 license encompasses approximately 131 square miles (340 square kilometers) some 155 miles (250 kilometers) offshore in the Northern North Sea, Eni noted in a written statement emailed to Rigzone. The company added the license sits near the U.K./Norwegian border – home to several recent “significant” discoveries – at water depths ranging from 328 to 427 feet (100 to 130 meters).
UK: Eni awarded a new Production Licence in the UK sector of the North Sea
26 Jan 2021
Production Licence, resulting from an application made in the
32nd UK Offshore Licensing Round.
The Licence, named
P2511, covers an area of approx. 340 sq kms and is located approx. 250 km offshore UK in the Northern North Sea in a water depth ranging from 100 to 130 m. It is situated near the UK/Norwegian border where several significant discoveries were recently made.
The Licence has an Initial Exploration Term of six years. Eni UK will assume the role of operator with a 100% participating interest. The Licence includes
Picture: Getty Images OIL giant ExxonMobil looks set to sell the bulk of its North Sea assets to Norwegian financiers. The company confirmed it is in exclusive talks to sell its assets in the central and Northern North Sea off Scotland to the HitecVision private equity business. HitecVision said a deal could be signed in the current quarter. The proposed sale comes amid a shake-up in the North Sea that has been given fresh impetus by the fallout from the coronavirus crisis. A range of US majors have offloaded North Sea portfolios in recent years after deciding they could generate better returns on investment in areas such as the shale fields of their home country.
EnQuest has announced that the previously announced transaction, whereby Equinor has sold a 40.8125% interest in and transferred operatorship of the Bressay oil field development on the UK continental shelf to EnQuest, has completed.
UK and Norway Exploration and Production Outlook for 2021
After a turbulent 2020 for the oil and gas industry, 2021 is expected to see a modest rise in investment in the UK and Norway offshore sectors, assuming a US$50 per barrel average oil price. Exploration activity could recover to 2019 levels and investment in new developments is set to increase. The M&A market is not expected to be buoyant, but there are plenty of assets for sale and deals to be done. The Energy Transition is high on the agenda as E&P companies and governments begin to implement net zero carbon projects.