UK Offshore Licence Extension
/Comtrack Venture’s subsidiary, Comtrack (UK) Ltd, is pleased report that it’s 2 licences (P2682 in North Irish Sea and P2679 in Southern North Sea) have recently been granted a 2 year extensions by the NSTA. These licences are now set to expire in June 2028, thus allowing adequate time for Comtrack and its joint venture partner to complete its work commitments.
With recent UK Government announcements, including the introduction of a permanent Oil and Gas Price Mechanism (“OGPM”) to replace the temporary Energy Profits Levy (EPL), the fiscal framework for UK upstream oil and gas has been significantly clarified. This improved visibility reduces policy risk and strengthens the overall investment case.
Recent reports indicate an upcoming shortage of gas in the UK, leading to increased gas prices. Accordingly, Comtrack UK is looking forward to progressing with its work programme on these gas bearing licences containing contingent resources of 131bcf with the aim of bringing them into production as soon as possible.