The North Sea Transition Authority (NSTA) has announced the offering of a further 31 licences in the latest phase of the 33rd oil and gas licensing round.

This brings the total number of offers in the round to 82, made to 50 companies.

The 33rd licensing round attracted significant interest, with 115 bids submitted by 76 companies across 257 blocks and part blocks.

These licences are expected to add an estimated 600 million barrels of oil equivalent (mmboe) up to 2060, or 545 mmboe by 2050.

The first tranche of offers, comprising 27 licences, was issued in October 2023, followed by 24 licences in the second tranche in January 2024.

Of the 31 offers in the final tranche, 29 are new licences and two are merges.

Among the new licences, 23 are Initial Term Phase A or B, two are Initial Term Phase C (firm wells), and the remaining four will go straight to Second Term, allowing them to potentially go into production more quickly.

The current round’s award numbers are similar to recent predecessors.

The 32nd Offshore Licensing Round offered 113 licences over 260 blocks or part-blocks to 65 companies, the 31st Round offered 37 areas over 141 blocks or part-blocks to 30 companies, and the 30th Round offered 123 licences over 229 blocks or part-blocks to 61 companies.

The North Sea plays a crucial role in energy security and net zero delivery, necessitating collaboration between sectors for their co-existence.

To support this, a new clause has been introduced for overlapping oil and gas licences and wind leases for the first time.

This clause will serve as the main commercial mechanism for resolving spatial overlaps and supporting the co-existence of these industries.

While the main tranche of offers has been completed, further consideration is being given to a small number of remaining applications, and a few more licences may be offered at a later date.