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Climate Politics

UK Oil, Gas Industry Urges PM to Speed New North Sea Licenses

  • Domestic supplies can protect economy: Offshore Energies UK
  • New exploration won’t ease energy prices immediately

The UK’s offshore oil and gas industry called on new Prime Minister Liz Truss to speed the approval of more exploration licenses to help boost domestic fuel supplies. 

The lobby group identified £26 billion ($30 billion) of potential investments in the North Sea by the end of the decade that would enable the UK to meet about half its demand for oil and gas from domestic supplies. Without these projects, fuel demand would be met increasingly by imports, the group said.