Britain to grant new North Sea oil and gas licences

LONDON – Britain will grant more than 100 new oil and gas licences in the North Sea as part of efforts to tap domestic supplies and become more energy-independent, the government said on Monday.

Mr Sunak said the new licences would support domestic supply, reduce reliance on hostile states, boost jobs in the sector and reduce the carbon footprint when compared with the alternative option of importing liquified natural gas. “As the UK is a rapidly declining producer of oil and gas, new oil and gas licences reduce the fall in UK supply in order to ensure vital energy security, rather than increase it above current levels – so that the UK remains on track to meet net-zero by 2050,” the government said.The oil and gas industry regulator expects the first of the new licences, which will continue to face climate compatibility tests, to be awarded in the autumn, the government said.

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