Update on UK Offshore Licences

Comtrack UK is pleased to highlight several recent positive developments for its UK offshore licences.

With the 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 for the licences. 

The Oceana case, which challenged the validity of the licences and resulted in a judicial review, has been formally dismissed, removing a key overhang on both the assets and the wider sector.

Comtrack has reached an understanding with the North Sea Transition Authority NSTA about a two-year licence extension for the first phase of the licenses, and the Operator has formally submitted the relevant extension requests.

Our operator Hartstead Resources has strengthened its financial position while retaining the full management team, materially enhancing delivery capability and project continuity.