North Sea licensing began 50 years ago.
Despite the half-a-century stretch, the 28th licensing round still solicited a positive response reinforcing sector confidence.
The Department of Energy and Climate Change (DECC) confirmed the most recent call-out resulted in 173 applicants for about 370 blocks.
Energy Minister Michael Fallon said DECC was dedicated to implementing all of Sir Ian Wood’s recommendations in a bid to extend the sector’s lifespan.
He said: “It’s 50 years since North Sea licensing began and there remains an extraordinary level of interest which is excellent news for industry and for the UK economy.
“We have committed to implementing all of Sir Ian Wood’s recommendations to help maximise recovery of North Sea oil and gas, and the Chancellor is reviewing the tax regime.
“Making the most of Britain’s home grown energy is crucial to keep job and business opportunities, get the best deal for customers and reduce our reliance on foreign imports.”
Acreage awards will be announced later this year.
The UK oil and gas sector currently supports nearly half a million jobs. About 42 billion barrels of oil have been produced to date with potentially 20 billion barrels still to be recovered.
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