Period during which Government offers
and then allocates a number of specified areas (Blocks or part Blocks) within its national boundaries.
Companies that Government believes are capable of satisfying
various conditions of a Licence.
Company which operates a Licence,
either on its own behalf, or, if a member of a consortium, on
behalf of Licensees. Takes primary responsibility
for day-to-day operations for an activity (exploration, development
Petroleum Exploration and Development Licence. New single
licence came into effect in 1995 (Seventh Round) for onshore
Petroleum (Production) Act 1934
Onshore legislation which vested in Crown ownership of all
petroleum (oil and natural gas) existing in natural conditions
in strata in Great Britain.
When licensees of oil and/or gas
reserves pool their individual interests in return for an interest
in overall unit, which is then operated by a single company on
behalf of group. Occurs where a field
lies under different licences with differing