The Japan Times - UK to issue 'hundreds' of new oil, gas licences in North Sea

EUR -
AED 3.780953
AFN 77.233348
ALL 98.956186
AMD 404.916572
ANG 1.842769
AOA 941.392826
ARS 1084.344915
AUD 1.664155
AWG 1.854226
AZN 1.750147
BAM 1.950581
BBD 2.064476
BDT 124.696352
BGN 1.956118
BHD 0.388038
BIF 3026.601773
BMD 1.029411
BND 1.39766
BOB 7.081053
BRL 5.978921
BSD 1.022474
BTN 89.08763
BWP 14.368971
BYN 3.346247
BYR 20176.448222
BZD 2.053904
CAD 1.491132
CDF 2933.820805
CHF 0.939523
CLF 0.036772
CLP 1014.638127
CNY 7.403417
CNH 7.535909
COP 4284.839368
CRC 520.90622
CUC 1.029411
CUP 27.279382
CVE 109.970753
CZK 25.213326
DJF 182.082804
DKK 7.460478
DOP 63.539987
DZD 139.752254
EGP 51.831958
ERN 15.441159
ETB 130.795005
FJD 2.398084
FKP 0.847809
GBP 0.830304
GEL 2.923556
GGP 0.847809
GHS 15.618211
GIP 0.847809
GMD 74.633315
GNF 8837.354043
GTQ 7.91183
GYD 213.917624
HKD 8.019598
HNL 26.047558
HRK 7.596585
HTG 133.742148
HUF 408.389875
IDR 16855.260727
ILS 3.686412
IMP 0.847809
INR 89.684827
IQD 1339.416147
IRR 43338.187312
ISK 146.176321
JEP 0.847809
JMD 161.15879
JOD 0.730265
JPY 159.848429
KES 132.886464
KGS 90.021832
KHR 4111.997598
KMF 492.933548
KPW 926.469676
KRW 1506.37799
KWD 0.317748
KYD 0.85212
KZT 534.380168
LAK 22240.491497
LBP 91563.904025
LKR 306.300437
LRD 203.472607
LSL 19.335764
LTL 3.039582
LVL 0.62268
LYD 5.020567
MAD 10.321483
MDL 19.156743
MGA 4881.937483
MKD 61.614644
MMK 3343.48555
MNT 3497.937409
MOP 8.208337
MRU 40.848702
MUR 48.39281
MVR 15.852997
MWK 1773.055865
MXN 21.02949
MYR 4.59066
MZN 65.771987
NAD 19.335764
NGN 1526.451186
NIO 37.629316
NOK 11.751371
NPR 142.540607
NZD 1.841044
OMR 0.396315
PAB 1.022464
PEN 3.811202
PGK 4.103022
PHP 60.067136
PKR 285.27726
PLN 4.234494
PYG 8062.4275
QAR 3.728424
RON 4.97525
RSD 117.104708
RUB 102.684705
RWF 1445.332748
SAR 3.861178
SBD 8.724445
SCR 14.754421
SDG 618.675875
SEK 11.459569
SGD 1.401337
SHP 0.847809
SLE 23.577218
SLL 21586.225989
SOS 584.336501
SRD 36.1374
STD 21306.721536
SVC 8.947191
SYP 13384.396913
SZL 19.329468
THB 34.911944
TJS 11.145017
TMT 3.602937
TND 3.300668
TOP 2.410982
TRY 37.072829
TTD 6.932451
TWD 33.961798
TZS 2612.92103
UAH 42.763778
UGX 3760.936925
USD 1.029411
UYU 44.320766
UZS 13277.47369
VES 60.186713
VND 25972.030033
VUV 122.213696
WST 2.883201
XAF 654.206551
XAG 0.032711
XAU 0.000366
XCD 2.782033
XDR 0.784202
XOF 654.206551
XPF 119.331742
YER 256.118451
ZAR 19.343058
ZMK 9265.936786
ZMW 28.706191
ZWL 331.469801
  • RBGPF

    0.2700

    66.27

    +0.41%

  • NGG

    0.6100

    62.01

    +0.98%

  • JRI

    -0.0700

    12.46

    -0.56%

  • BCC

    -1.0200

    125.14

    -0.82%

  • SCS

    -0.4100

    11.07

    -3.7%

  • RYCEF

    -0.1400

    7.35

    -1.9%

  • CMSC

    -0.1200

    23.35

    -0.51%

  • CMSD

    -0.0900

    23.75

    -0.38%

  • BCE

    0.2400

    24.03

    +1%

  • RIO

    -0.5600

    59.85

    -0.94%

  • RELX

    -0.0400

    49.85

    -0.08%

  • VOD

    -0.0500

    8.49

    -0.59%

  • BTI

    0.1000

    39.74

    +0.25%

  • AZN

    -0.9000

    69.86

    -1.29%

  • GSK

    -0.3700

    34.9

    -1.06%

  • BP

    -0.1900

    30.87

    -0.62%

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: Lou BENOIST - 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.

K.Okada--JT