The British government has announced that it will continue to support the oil and gas industry in the North Sea and will issue more than 100 new oil and gas licenses in the North Sea to ensure energy independence and security.
The UK has announced the issuance of more than 100 new oil and gas licenses in the North Sea.
British Prime Minister Rishi Sunak will underline the role he plays in the energy security and independence of the region during his visit to Aberdeenshire in Scotland, one of the major energy infrastructure centers in the country today, according to a statement from Number 10 Prime Minister’s Office.
The British government, which supports the oil and gas industry, which employs 200,000 people in the North Sea, will issue over 100 new oil and gas licenses in the region, making a joint commitment with the North Sea Conversion Authority (NSTA).
As part of the 33rd round of licensing in the North Sea, new licenses will be issued first in the fall.
It is predicted that when the UK reaches net zero emissions in 2050, about 25 percent of its energy demand will still be supplied from oil and gas, while the new licenses are aimed at slowing the rapid decline in oil and gas production in the country.
According to the statement, the north east of Scotland and the Humber region were selected as the locations for two new carbon capture and storage projects. The projects in question will be the third and fourth projects under the UK’s £20bn carbon capture and storage investment previously committed.
It is estimated that a total of four carbon capture and storage projects could create approximately 50,000 new jobs.
Sunak said: “We’ve all witnessed how Putin manipulates and weaponizes energy, disrupting supply and halting growth in countries around the world. We need to strengthen our energy security and provide more affordable, clean energy to British households and businesses. “It is now more vital than ever that we take advantage of this independence.”
Noting that even when the UK reaches net zero emissions in 2050, 25 percent of its energy needs will be met from oil and gas, Sunak used the following statements:
“There are those who prefer it to come from hostile states rather than in our own country. Instead of relying on imports of more carbon-intensive gas from overseas, we are choosing to power the UK with our own energy and grow the economy by investing in key industries like carbon capture and storage.”
United Kingdom Minister for Energy Security and Zero Emissions Grant Shapps stated that energy security has become more important than ever with the war launched by Russia in Ukraine, adding that the North Sea is at the center of the plan to ensure energy security.