1 March 2004
United Kingdom: New exploration licence
THE DEPARTMENT of Trade and Industry (DTI) will introduce a new type of licence, as a move towards boosting exploration, it said last month. The new Frontier licence will allow firms to apply for relatively large amounts of territory 'at significantly reduced costs' and it will give them more time to carry out exploration and development. During the initial screening phase of the licence—of as-yet unspecified duration—normal rental fees will be discounted by 90%, the DTI said. After the screening phase, companies will be permitted to relinquish three-quarters of the acreage granted. The exploration and development phases of the new licence will be two-years longer than those of the existing
Also in this section
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
