The Argyll Field produced Britain's first North Sea oil in 1975, three months ahead of BP's Forties Field. However 10 years ago Argyll and the nearby Duncan and Innes fields were abandoned after they were no longer considered economically viable.

Tuscan Energy and Acorn, the two companies awarded the licences, are hoping that new advanced technology will unlock the previously untapped reserves of the three oil fields.

Last year was not a great year for the UK petroleum industry. A report by the Royal Bank Scotland in August showed that oil production in the UK fell to its lowest level in six years with production falling below the two million barrels a day mark during June last year.