The new Master Deed regime represents a clear improvement on previous practice. This is a big step forward in terms of clarity and efficiency, encouraging new entrants and generally making for a more efficient commercial environment.

The Master Deed standardises the documentation process for UKCS transfers of license interests. It also speeds up the transfer process significantly.

This creates a more efficient commercial environment and encourages new entrants to invest in North Sea assets. Complex commercial and legal structures are no longer a barrier to entry for new entrants.

The Pre-emption Arrangements modify and limit certain existing rights of pre-emption. This reduces the risk for new entrants of being pre-empted whilst finalising a deal.

Only efficiency improvements like the Master Deed regime will secure investment in the remaining exploration and development opportunities in the UKCS.