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Offshore production licences can be extended beyond their original expiry date if necessary to allow producing fields to fully exploit the associated reserves. 

Offshore and Onshore production licence relinquishments - surrenders - and determinations - are processed through the UK Energy Portal using the PEARS User Guidance. 

How to relinquish a petroleum licence or surrender acreage; notice periods.

The licence model clauses oblige the licensee to nominate an entity that has responsibility for organising or supervising all or any of the operations of searching or boring for or getting petroleum in pursuance of the licence, namely: 

The Petroleum E-business Assignments and Relinquishment System (PEARS) is the NSTA’s portal-based licence administration system.

It is common practice for banks lending money to companies to demand a charge on the company’s assets as a form of collateral.

Licences fall into several categories. The principal distinctions are between onshore licences and offshore licences, with a further distinction between exploration licences.