UK oil and gas: squeezing the last drop [Energy Oil & Gas]

The search for oil and gas in the North Sea started in the 1960s. Exploration had been held back by the lack of international agreement covering ownership of mineral rights outside the three-mile limit, and because technology for offshore development was in its infancy. The Continental Shelf Act 1964 addressed the first of these issues by expanding the UK government licensing powers for mineral exploration and development from within three miles to 200 miles (320km) of its shores. The dynamism and innovation of a fast growing offshore sector brought about rapid progress in the second.