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

USD -
AED 3.672503
AFN 66.000343
ALL 81.750787
AMD 378.260319
ANG 1.79008
AOA 917.000119
ARS 1447.7807
AUD 1.429327
AWG 1.80125
AZN 1.695576
BAM 1.65515
BBD 2.013067
BDT 122.134821
BGN 1.67937
BHD 0.37701
BIF 2960
BMD 1
BND 1.271532
BOB 6.906503
BRL 5.2395
BSD 0.999467
BTN 90.452257
BWP 13.162215
BYN 2.854157
BYR 19600
BZD 2.010138
CAD 1.366615
CDF 2225.000441
CHF 0.777305
CLF 0.021735
CLP 858.210238
CNY 6.938199
CNH 6.93926
COP 3628.58
CRC 495.478914
CUC 1
CUP 26.5
CVE 93.31088
CZK 20.654396
DJF 177.720153
DKK 6.328325
DOP 62.700992
DZD 129.716681
EGP 46.898171
ERN 15
ETB 154.846992
EUR 0.84738
FJD 2.20515
FKP 0.729917
GBP 0.73281
GEL 2.695017
GGP 0.729917
GHS 10.974578
GIP 0.729917
GMD 72.999681
GNF 8771.298855
GTQ 7.666172
GYD 209.107681
HKD 7.812425
HNL 26.40652
HRK 6.385502
HTG 131.004367
HUF 321.707506
IDR 16807
ILS 3.094805
IMP 0.729917
INR 90.44185
IQD 1309.366643
IRR 42125.000158
ISK 122.698337
JEP 0.729917
JMD 156.730659
JOD 0.709031
JPY 156.945499
KES 128.949615
KGS 87.449748
KHR 4034.223621
KMF 418.00016
KPW 899.945137
KRW 1461.704465
KWD 0.30733
KYD 0.83291
KZT 496.518171
LAK 21498.933685
LBP 89504.332961
LKR 309.337937
LRD 185.901857
LSL 15.973208
LTL 2.95274
LVL 0.604889
LYD 6.316351
MAD 9.162679
MDL 16.911242
MGA 4427.744491
MKD 52.212764
MMK 2099.936125
MNT 3569.846682
MOP 8.043143
MRU 39.687396
MUR 45.879676
MVR 15.450132
MWK 1732.791809
MXN 17.32615
MYR 3.935502
MZN 63.749926
NAD 15.973816
NGN 1368.559885
NIO 36.779547
NOK 9.67647
NPR 144.74967
NZD 1.666655
OMR 0.384458
PAB 0.999458
PEN 3.359892
PGK 4.282021
PHP 58.951022
PKR 279.546749
PLN 3.57428
PYG 6615.13009
QAR 3.645472
RON 4.317499
RSD 99.475027
RUB 76.246155
RWF 1458.735317
SAR 3.75002
SBD 8.058101
SCR 13.714455
SDG 601.498038
SEK 8.989675
SGD 1.27291
SHP 0.750259
SLE 24.474968
SLL 20969.499267
SOS 570.224434
SRD 37.894053
STD 20697.981008
STN 20.734071
SVC 8.745065
SYP 11059.574895
SZL 15.972716
THB 31.719961
TJS 9.340239
TMT 3.51
TND 2.890703
TOP 2.40776
TRY 43.529499
TTD 6.770395
TWD 31.672103
TZS 2580.289652
UAH 43.116413
UGX 3558.598395
UYU 38.520938
UZS 12251.99609
VES 371.640565
VND 25982
VUV 119.556789
WST 2.72617
XAF 555.124234
XAG 0.011178
XAU 0.0002
XCD 2.70255
XCG 1.80131
XDR 0.68948
XOF 555.135979
XPF 100.927097
YER 238.374961
ZAR 16.080355
ZMK 9001.194249
ZMW 19.565181
ZWL 321.999592
  • SCS

    0.0200

    16.14

    +0.12%

  • RBGPF

    0.1000

    82.5

    +0.12%

  • BCC

    5.3000

    90.23

    +5.87%

  • NGG

    1.5600

    87.79

    +1.78%

  • CMSC

    -0.1400

    23.52

    -0.6%

  • BP

    0.3800

    39.2

    +0.97%

  • RIO

    0.1100

    96.48

    +0.11%

  • BTI

    -0.2400

    61.63

    -0.39%

  • AZN

    3.1300

    187.45

    +1.67%

  • RELX

    -0.7300

    29.78

    -2.45%

  • BCE

    0.2400

    26.34

    +0.91%

  • GSK

    3.8900

    57.23

    +6.8%

  • JRI

    0.0300

    13.15

    +0.23%

  • CMSD

    -0.0700

    23.87

    -0.29%

  • RYCEF

    -0.3200

    16.68

    -1.92%

  • VOD

    0.4600

    15.71

    +2.93%

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