The Fort Worth Press - UK to issue 'hundreds' of new oil, gas licences in North Sea

USD -
AED 3.672497
AFN 63.499117
ALL 79.869835
AMD 363.459803
ANG 1.790365
AOA 916.999954
ARS 1514.257398
AUD 1.40651
AWG 1.80125
AZN 1.701383
BAM 1.706252
BBD 2.014735
BDT 122.843521
BGN 1.683441
BHD 0.376975
BIF 3000
BMD 1
BND 1.274916
BOB 11.003708
BRL 5.101301
BSD 1.000301
BTN 95.56554
BWP 13.547596
BYN 3.03039
BYR 19600
BZD 2.011865
CAD 1.40693
CDF 2310.999992
CHF 0.821125
CLF 0.02399
CLP 947.249912
CNY 6.699803
CNH 6.69654
COP 3210.67
CRC 446.324973
CUC 1
CUP 26.5
CVE 96.197131
CZK 21.271797
DJF 177.719842
DKK 6.53145
DOP 59.25017
DZD 133.876781
EGP 51.629701
ERN 15
ETB 161.774656
EUR 0.873697
FJD 2.237198
FKP 0.747949
GBP 0.74955
GEL 2.59497
GGP 0.747949
GHS 11.570234
GIP 0.747949
GMD 73.517591
GNF 8757.495212
GTQ 7.633554
GYD 209.220461
HKD 7.843035
HNL 26.851323
HRK 6.581098
HTG 130.739368
HUF 316.344001
IDR 17821.25
ILS 3.014604
IMP 0.747949
INR 95.69185
IQD 1310.441394
IRR 1374650.000077
ISK 120.920415
JEP 0.747949
JMD 157.757218
JOD 0.708975
JPY 157.5345
KES 129.480139
KGS 87.450247
KHR 4051.999738
KMF 430.000103
KPW 900.000318
KRW 1350.25026
KWD 0.30857
KYD 0.833584
KZT 447.358319
LAK 22408.7241
LBP 89579.323882
LKR 329.228662
LRD 173.059223
LSL 16.226232
LTL 2.95274
LVL 0.60489
LYD 6.376417
MAD 9.55311
MDL 17.590327
MGA 4381.243184
MKD 53.73644
MMK 2099.019807
MNT 3596.806502
MOP 8.081186
MRU 40.053042
MUR 47.659917
MVR 15.459878
MWK 1734.612868
MXN 17.301325
MYR 4.080601
MZN 63.905152
NAD 16.225949
NGN 1323.799265
NIO 36.815543
NOK 9.44695
NPR 152.891351
NZD 1.748605
OMR 0.384502
PAB 1.000305
PEN 3.379266
PGK 4.456251
PHP 62.476031
PKR 277.214494
PLN 3.79919
PYG 5952.427688
QAR 3.636364
RON 4.609902
RSD 102.573512
RUB 84.248188
RWF 1476.460299
SAR 3.755168
SBD 8.026013
SCR 13.851793
SDG 601.499188
SEK 9.835705
SGD 1.27517
SHP 0.74758
SLE 24.650222
SLL 20969.491881
SOS 571.640424
SRD 37.739747
STD 20697.981008
STN 21.373953
SVC 8.752852
SYP 13002.000254
SZL 16.221592
THB 33.110238
TJS 9.227964
TMT 3.5
TND 2.947861
TOP 2.40776
TRY 48.840298
TTD 6.797006
TWD 31.690899
TZS 2645.00299
UAH 44.815682
UGX 3901.400648
UYU 40.165583
UZS 11818.48716
VES 851.341303
VND 26015
VUV 118.301728
WST 2.751033
XAF 573.107697
XAG 0.014846
XAU 0.000229
XCD 2.70255
XCG 1.802851
XDR 0.707052
XOF 573.107697
XPF 104.043167
YER 236.549794
ZAR 16.18001
ZMK 9001.201714
ZMW 19.481788
ZWL 321.999592
SSP 5712.529845
MXV 1.96099
  • RIO

    -0.3300

    97.04

    -0.34%

  • CMSC

    -0.0400

    20.67

    -0.19%

  • RELX

    0.0000

    33.41

    0%

  • RBGPF

    0.0000

    67.95

    0%

  • BCE

    -0.0700

    21.99

    -0.32%

  • BCC

    -0.0300

    75.66

    -0.04%

  • GSK

    0.8600

    51.08

    +1.68%

  • JRI

    -0.0300

    11.52

    -0.26%

  • NGG

    -0.1200

    76.68

    -0.16%

  • CMSD

    0.0900

    20.54

    +0.44%

  • BTI

    -0.0800

    55.75

    -0.14%

  • AZN

    2.0200

    168.1

    +1.2%

  • BP

    -1.4200

    43.16

    -3.29%

  • RYCEF

    0.4600

    19.7

    +2.34%

  • VOD

    0.0700

    17.02

    +0.41%

UK to issue 'hundreds' of new oil, gas licences in North Sea
UK to issue 'hundreds' of new oil, gas licences in North Sea / Photo: © AFP/File

UK to issue 'hundreds' of new oil, gas licences in North Sea

The UK government said Monday it would issue "hundreds" of new oil and gas licences in the North Sea to secure energy reserves while still aiming for net zero carbon emissions by 2050.

Text size:

The announcement has angered environmental groups and comes amid an internal debate within the ruling Conservative party on green policies.

The main opposition Labour party has said it will not issue any new North Sea drilling licences if it regains power in a general election due next year.

"Investment in the North Sea will continue to unlock new projects, protect jobs, reduce emissions and boost UK energy independence," Prime Minister Rishi Sunak's office said in a statement.

It said "a more flexible application process" would be adopted for licence requests, which would still be subject to a "climate compatability" test for carbon reduction goals.

"The government is taking steps to slow the rapid decline in domestic production of oil and gas, which will secure our domestic energy supply and reduce reliance on hostile states," it said.

Russian President Vladimir Putin's invasion of Ukraine in February last year saw a global surge in energy prices as Western nations imposed sanctions against Moscow, targeting in particular its massive oil and gas exports.

"We have all witnessed how Putin has manipulated and weaponised energy -- disrupting supply and stalling growth in countries around the world," Sunak said in the statement.

"Now more than ever, it's vital that we bolster our energy security and capitalise on that independence to deliver more affordable, clean energy."

Sunak added that even when Britain reaches its net zero target by 2050, a quarter of its energy needs will come from oil and gas.

A study released Monday by the North Sea Transition Authority (NSTA) said the carbon footprint from domestic UK gas production was one-fourth the footprint from imported liquified natural gas.

- 'Cynical political ploy' -

Environmental group Greenpeace called the announcement a "cynical political ploy to sow division" in which "climate is collateral damage".

"Just as wildfires and floods wreck homes and lives around the world, Rishi Sunak's government has decided to row back on key climate policies, attempted to toxify net zero, and recycled old myths about North Sea drilling," Philip Evans of Greenpeace UK said.

Hugo Tagholm, director of Oceana UK, an ocean advocacy organisation, called the decision a "betrayal of the British people by a government entirely fixated on short-term profits, with no regard for a future for our children and generations to come".

Also on Monday, the government confirmed plans to build two more carbon-capture facilities along the North Sea coast, at Acorn in northeast Scotland and Viking near Humber, England, alongside two already under construction.

It said the four clusters could support up to 50,000 jobs by 2030.

But the technology has been criticised by some climate experts, who say it risks distracting from efforts to phase out hydrocarbons.

Energy giant Shell, which is involved in one of the carbon capture projects, hailed it as a "central part of plans ot decarbonise North Sea operations".

Sunak is due to visit later Monday an energy infrastructure site in Aberdeenshire to "highlight the central role the region will play in strengthening the UK's energy independence and meet the next generation of skilled apprentices key to driving this work forward".

Environmental policies have been a hot topic in the UK, especially since Labour's surprise defeat by the ruling Conservative party in a west London by-election.

Their defeat, by less than 500 votes, has been blamed on voter unease at Labour mayor Sadiq Khan expanding a scheme taxing the use of the most polluting vehicles, and appears to have emboldened Tory net zero opponents.

In a Telegraph interview on Sunday, Sunak insisted he was on the side of motorists and said he had ordered a review of so-called low traffic neighbourhoods, contentious local authority-led measures to limit vehicle use in designated areas by blocking roads.

His government has riled climate campaigners since the surprise by-election win by suggesting some UK environmental targets could be eased, while offering lukewarm support for the country's ambitious net zero agenda.

S.Palmer--TFWP