The UK is considering issuing new North Sea oil exploration licenses

In an effort to ensure greater energy independence, the UK is considering granting exploration permits for already discovered oil and gas deposits to energy companies wishing to invest in their extraction. According to the “Financial Times” This Monday, March 21st edition.

The Oil and Gas Authority, the British regulator that grants research and exploitation licenses to North Sea deposits, stopped doing so in 2020, when Boris Johnson, the prime minister’s government, explored the possibility of implementing mandatory ratings for future approvals. Achieve carbon conversion goals.

Russia’s invasion of Ukraine has destabilized everything. Europe, which relies heavily on Russia’s oil and gas, now wants to eliminate any energy imports that rely on Moscow. Johnson’s government is preparing a review of the energy strategy to accommodate this need, allowing these mandatory assessments to be avoided if national security is at risk.

Also, according to Andy Samuel, executive chairman of the British Regulator, according to the Financial Times, the respective licenses are already “ready” to be issued “this year”, even if the North Sea is a fallen part of the reserve. The UK guarantees 40% of its gas production domestically.