Seismic reflections: Closing bell for the 27th UK licensing round

At 2pm on 1 May 2012 the Department of Energy and Climate Change (DECC) closed the bid submission for the 27th licensing round. With an estimated 20bnboe recoverable left on the UK Continental Shelf, there is still significant upside available to the oil and gas companies involved in the UK and to the shareholders that invest in them. Over the last decade we have seen a gradual decline in the amount of integrated oil company (IOC) activity in the North Sea, which is being replaced by small-/mid-cap public and private companies.

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