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UK to announce dozens of new North Sea oil and gas licences -sources

UK to announce dozens of new North Sea oil and gas licences -sources

 

The British government is expected to announce dozens of new North Sea oil and gas exploration licences in an effort to boost domestic production, two sources familiar with the government's discussions said.

The exact number of new licences was still to be confirmed, one of the sources, who spoke on condition of anonymity, said. The other said it could be as many as 130. The announcement could come as soon as Thursday.

Prime Minister Liz Truss, who was appointed on Tuesday, is due to set out to parliament on Thursday her government's plans for tackling soaring energy bills. During the leadership campaign, she repeatedly said boosting domestic energy supply would be part of her focus in seeking to bring down prices.

Truss's office did not immediately respond to a request for comment.

The licencing round will not offer any short term relief to energy bills as it typically takes between five to 10 years from initial exploration until oil and gas is produced from a field.

Britain's last offshore licencing round was in 2020.

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Published: 08-09-2022

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