The Oil and Gas Authority (OGA) has welcomed the government’s announcement of a further £5 million for exploration, made during the Chancellor of the Exchequer, Philip Hammond’s visit to Aberdeen today (25 September 2017).
OGA Chief Executive Andy Samuel said: “The OGA team are delighted to use this funding to provide industry with a range of high quality new data. This will significantly help address exploration risks and uncertainties and promote frontier and under-explored areas.
"Oil and gas continues to be a vital contributor to the UK economy and energy security, and there has been tremendous progress over the past two years, despite the low oil price environment. We have seen how targeted intervention can have a disproportionately positive effect – for example the first round of seismic funding for the OGA opened up frontier areas for the 29th Offshore Licensing Round, where we awarded 25 licences to 17 companies.”