OT19275 - PRT: Appendices
Appendix 2: Offshore Licence Rounds
| 1st | 1964 | 53 licences covering 348
blocks.
Initial payment £25 per square kilometre. Annual payment in 7th year £40 per square kilometre. Annual increment to annual payment £25 per square kilometre. The annual payment as increased by the increment is subject to an annual maximum of £290. 12½% royalty on the value of the petroleum won and saved. |
2nd | 1965 | 37 licences covering 127 blocks. Initial payment £25 per square kilometre. Annual payment in 7th year £40. Annual increment £25. The annual payment with the increment is subject to an annual maximum of £350. 12½% royalty on the value of the petroleum won and saved. |
3rd | 1970 | 37 licences covering 106 blocks. Initial payment £30 per square kilometre. Annual payment in 7th year £50 per square kilometre. Annual increment in annual payment £30 per square kilometre. The limit of £350 annually on the annual payment plus increment continues. 12½% royalty on the value of the petroleum won and saved. |
4th | 1971/2 | 118 licences covering 282 blocks. Initial payment £45 per square kilometre. 15 of these blocks had been offered for cash tender and were all awarded, raising £37m. Annual payment in 7th year £50 per square kilometre. Annual increment in annual payment £30 per square kilometre. The limit of £350 annually on the annual payment plus increment continues. 12½% royalty on the value of the petroleum won and saved. |
5th | 1977 | 28 licences covering 44 blocks. Initial payment £80 per square kilometre for 4 years, then £120 per square kilometre for 3 years. Annual payment in 8th year £200 per square kilometre. Annual increment in annual payment £200 per square kilometre. The annual payment with the increment is not to exceed £3,000 annually. 12½% royalty on the PRT valuation (not the well-head value). |
6th | 1978/9 | 26 licences covering 42 blocks. Application fee £1,250. Annual payment £100 per square kilometre for 4 years then £150 per square kilometre for 3 years. Annual payment in 8th year £250 per square kilometre. Annual increment in annual payment £250 per square kilometre. The annual payment with the increment is not to exceed £3,750 annually. 12½% royalty on the PRT valuation |
7th | 1980/81 | 90 licences covering 90 blocks. Application fee £1,500. Initial payment £250 per square kilometre for 48 licences. £5M each for remaining 42 "company-nominated" blocks. Annual payment in 7th year £300 per square kilometre. Annual increment in annual payment £300 per square kilometre. The annual payment with the increment is not to exceed £4,500. 12½% royalty on the PRT valuation. |
8th | 1982/83 | 55 licences covering 70 blocks. Application fee £2,000. Initial payment £300 per square kilometre. 15 blocks had been put out for tender, the applicant having to specify an initial premium (in addition to the initial payment). 7 of these 15 were awarded, raising £32.75m. Annual payment in 7th year £360 per square kilometre. Annual increment in annual payment £360 per square kilometre. The annual payment with the increment is not to exceed £5,400 annually. 12½% royalty on the PRT valuation. |
9th | 1984/85 | 89 licences covering 93 blocks. Application fee £2,000 Initial payment £330 per square kilometre covering first eight years of blocks in Rockall and Faroes trough and first six years of blocks in other areas. 15 blocks (on which initial payment still required) had been put out for cash tender. |
10th | 1986/87 | 51 blocks awarded. Initial payment £330 per square kilometre covering first six years of licence term. |
11th | 1988/89 | 105 licences covering 115 Blocks Application fee £3,100 Initial payment of £330 per km² Annual payment in 7th year of £400 per km² Annual increment to annual payment of £400 per km² Annual payment with the increment not to exceed £6,000 per km² 12.5% royalty. |
12th | 1990/91 | 74 licences covering 107 Blocks Application fee £3,700 Initial payment of £350 per km² Annual payment in 7th year of £400 per km² Annual increment to annual payment of £400 per km² Annual payment with the increment not to exceed £6,000 per km² 12.5% royalty. |
13th (Frontier Tranches) | 1990/91 | 6 licences covering 66 Blocks Application fee £3,700 Initial payment of £60 per km² covers first three years Annual payment in the 4th year of £20 per km² and remain at this figure for three years then rising to £40 per km² for the next three years. If licence is continued then payments increase to £200 per km² for two years and thereafter rise by annual increments of £450 until a maximum of £5,600 is reached. 12.5% royalty. |
14th | 1992/93 | 79 licences covering 110 Blocks (includes one licence covering six Blocks in the SW Approaches which had the same terms as the Thirteenth Round.) Application fee £3,700 Initial payment of £390 per km² Annual payment in 7th year of £450 per km² Annual increment to annual payment of £450 per km² Annual payment with the increment not to exceed £6,750 per km² 12.5% royalty. |
15th | 1994 | 20 licences covering 29 Blocks Application fee £3,700 Initial payment of £410 per km² Annual payment in 7th year of £470 per km² Annual increment to annual payment of £470 per km² Annual payment with the increment not to exceed £7,050 per km² 12.5% royalty. |
(Note: A ‘full’ Block is on average 250 km² in area.)
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