Credence clear for North Sea waters revival.

(From Lloyds List)

Byline: Licensing and tax incentives draw new players into fray to explore and develop North Sea resources, writes Martyn Wingrove

FIGHTING against the continued maturing of the North Sea, the UK industry made 2003 possibly the year for relaunching the region's oil and gas exploration.

Adaptation of the licensing round system and introduction of more tax relief has at least brought new players into the mix for exploring and developing North Sea oil and gas resources.

The UK government introduced a 'promote' licence system as part of the main permit round to encourage smaller companies to invest in exploratory activities. …