11/6/2023, 12:23 AM (Source: TeleTrader)
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UK to introduce annual oil, gas licensing in North Sea

The United Kingdom government will introduce annual oil and natural gas licensing in the North Sea to strengthen energy security and minimize the dependence on imports from unfriendly countries, such as Russia.

In a statement, the government said that this measure will protect existing 200,000 jobs and will provide billions of pounds in tax receipts. In addition, it was explained that the licenses will be granted only if the conditions of the net zero transition are achieved.

"Domestic energy will play a crucial role in the transition to net zero, supporting jobs and economic growth, while also protecting us from the volatility of international markets and diversifying our energy sources. The clarity and certainty that our new legislation will provide will help get the country on the right path for the future," Prime Minister Rishi Sunak said.

Baha Breaking News (BBN) / JJ