Irish exploration company awarded new North Sea oil licences

United said it would lower its exposure to the UK market in order to focus on its core geographies of Egypt, Italy, and Jamaica.

Irish exploration company United Oil and Gas has been provisionally awarded two blocks in the North Sea as part of the UK’s latest exploration licensing round.

The new assets are in the centre of the North Sea, close to the low-risk Zeta project. United currently owns 100% of Zeta but is expected to sell down part of its holding next year.