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Seeking UK acreage

September 15, 1998, 09:00 CEST

An application was submitted by Statoil UK for Britain's 18th offshore licensing round before the deadline last Friday.

The Department of Trade and Industry is expected to announce awards under the round in six months time.

Statoil has applied for blocks in the North Sea part of the UK continental shelf (UKCS), reports Helen Butcher, project manager for these waters at the London-based subsidiary.

"The 18th round deals with mature areas in the North and Irish Seas, and we're dealing with small blocks here," she adds.

According to Ms Butcher, players on the UKCS are adopting a wait-and-see attitude. This reflects the low oil prices and long-standing expectations of changes to the offshore tax regime.

Statoil UK currently has interests in roughly 40 licences in the British North Sea and on the Atlantic Margin.