Deirdre Michie, head of Oil and Gas UK, said the purchases “reinforce the gathering strength of belief in the future of the North Sea” ANDY BUCHANAN/GETTY IMAGESTwo North Sea projects were sold yesterday to new-generation explorers. Ineos is targeting an area 93 miles north of the Shetland Islands, where there is estimated to be up to three trillion cubic feet of gas. It bought a two-thirds stake in two licences from Siccar Point Energy, an independent explorer based in Aberdeen. The latest round of licence sales, allowing companies to explore for untapped reserves, attracted applications from 96 companies covering 239 blocks on the UK continental shelf. Calls have been renewed in the run-up to the budget for the chancellor to…

Source: The Times November 22, 2017 00:15 UTC