The United Kingdom is working on legislation to make licensing for oil and natural gas projects in the North Sea a requirement if the UK is projected to import more than it produces.
The UK government is working on legislation that would make annual oil and gas licensing rounds for the North Sea mandatory. Under the plans, a licensing round would take place if the country was set to import more oil and gas from abroad than it produces. Per Prime Minister Rishi Sunak, this would give the energy industry certainty during the transition to low-carbon energy, Reuters reports.
Earlier this year, Sunak said his government would issue hundreds of new oil and gas licenses for the North Sea “as the UK Government continues to back the North Sea oil and gas industry as part of a drive to make Britain more energy independent.” Unsurprisingly, the decision was attacked in court by environmentalist groups that claimed the cabinet failed to properly check “the damage it will do to the climate.
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UK Government plans to mandate oil and gas licensing in the North SeaThe King’s Speech will be used to invite applications for new production licences on an annual basis to ‘safeguard the prosperity of our…
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