The auction anticipates active participation from O&G companies through mutual partnerships.

Britain’s Oil and Gas Authority (OGA) has recently announced an offshore licensing round to auction its North Sea oil and gas field estimated to hold around 300 million barrels of oil equivalent (boe). Sources close to the matter state that the companies involved in the auction can bid until 2nd May 2019 for the Greater Buchan Area and are being actively encouraged to collaborate with each other for the advancement of material exploration and development opportunity in the area.

As per reports, the supplementary licensing round has been backed by an advanced release of extensive data and insights, which include seismic data packages. Furthermore, the OGA is continuing to offer more data openly which includes 3D seismic surveys, well data for 154 wells, relinquishment and technical reports.

For the record, in November 2018, an information day about the Greater Buchan Area was organized at the OGA’s Aberdeen office to promote the opportunity. The agency was delighted to entertain active response from 34 companies at the event, claim reports.

As per a press release, Dr. Andy Samuel, CEO, OGA, said this latest round is anticipated to offer new opportunities and maximize value from this targeted area. He said that there has been excellent interest in the Greater Buchan Area and has much to play for from exploration through development opportunities.

Dr. Samuel added that their agency is encouraging prospective operators to focus beyond separate opportunities and actively collaborate with other companies to establish an equally beneficial area plan which realizes the full economic potential of the field.

Incidentally, the auction starts after oil and gas major Total and its partners including China National Offshore Oil Corporation (CNOOC) announced a new gas finding in the Glengorm prospect of North Sea, with resources estimated at around 250 million barrels of oil equivalent.