The latest offshore oil and gas licensing round will kick off early next month, after ministers gave long-awaited clarity about the UK's climate compatibility checkpoint.
Approved earlier this month by Prime Minister Liz Truss, the North Sea Transition Authority is now moving "at pace" to open the 33rd licensing round - the first since 2020.
Energy Voice says this is expected to yield more than 100 permits, and could signal a "resurgence" in UK oil and gas operations.
A window of 90 days will be given for developers to submit their applications which, if approved, will allow them to search for hydrocarbons.
Details about the upcoming round were published yesterday directly after the UK Government released the findings of its long-awaited climate compatibility checkpoint consultation.
It adds another level of scrutiny to new oil and gas licences - setting out hurdles they must clear in order to receive approval.
Dual challenges
The checkpoint is designed to tackle the dual challenges of climate change and energy security by ensuring new North Sea projects can go ahead, but that emissions are kept to a minimum.
Securing domestic oil and gas sources is a priority of government, and the NSTA is identifying priority areas with known hydrocarbons close to infrastructure and with the potential to be developed quickly.
It will seek to license these zones ahead of others to ensure new fields can be brought on stream as quickly as possible.
A spokesman for the NSTA told Energy Voice: "Now that the Government has announced the climate compatibility checkpoint outcome, we will move at pace to launch the 33rd licensing round."
Views were sought on a total of six potential tests that new licences would have to pass.
It has been decided that three will be included in the checkpoint.
Benchmarks
International emissions benchmarks will be taken into account, with the government agreeing that "the UK oil and gas industry should be a global exemplar".
So too will ensuring the sector meets the targets set out in the North Sea Transition Deal, including the pledge to cut operational emissions by 50% by 2030.
The status of the UK as a net importer or exporter of oil and gas will also influence whether future licensing rounds are held or not.
Westminster launched the climate checkpoint sounding call in December 2021.
A total of 55,640 replies were lodged by a range of stakeholders, including private citizens, industry bodies and NGOs.
Energy Voice says that, since the prospect of a new UK licensing round first emerged, it has attracted a large degree of opposition.
Environmental groups have repeatedly cited the volume of North Sea oil and gas that is sent overseas. The time it takes for discoveries to begin producing has also been held up as a reason to shelve the process.