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

USD -
AED 3.672504
AFN 65.000368
ALL 82.324126
AMD 360.540403
ANG 1.790403
AOA 918.000367
ARS 1546.131265
AUD 1.468645
AWG 1.8
AZN 1.70397
BAM 1.769883
BBD 2.014669
BDT 124.715381
BGN 1.77347
BHD 0.378283
BIF 3011.021908
BMD 1
BND 1.291151
BOB 11.678099
BRL 5.666304
BSD 1.000231
BTN 94.44641
BWP 14.015512
BYN 3.004037
BYR 19600
BZD 2.016692
CAD 1.42705
CDF 2315.000362
CHF 0.837483
CLF 0.025469
CLP 1002.376741
CNY 6.67175
CNH 6.676604
COP 3319.97
CRC 449.312832
CUC 1
CUP 24.064952
CVE 100.150394
CZK 22.139304
DJF 178.554905
DKK 6.782304
DOP 60.996961
DZD 137.215041
EGP 53.502064
ERN 15
ETB 164.576405
EUR 0.90715
FJD 2.27435
FKP 0.756884
GBP 0.755715
GEL 2.590391
GGP 0.756884
GHS 11.72504
GIP 0.756884
GMD 74.000355
GNF 8883.748356
GTQ 7.646644
GYD 209.264655
HKD 7.845704
HNL 26.963306
HRK 6.831965
HTG 131.491813
HUF 331.003504
IDR 18235.4
ILS 3.216704
IMP 0.756884
INR 94.245504
IQD 1520.116116
IRR 1913737.503816
ISK 123.930386
JEP 0.756884
JMD 158.434254
JOD 0.70904
JPY 159.73504
KES 130.050385
KGS 87.435504
KHR 4080.00035
KMF 447.00035
KPW 900.00035
KRW 1335.320383
KWD 0.31147
KYD 0.835579
KZT 446.945163
LAK 22570.87132
LBP 89792.715562
LKR 333.505692
LRD 170.463102
LSL 16.951422
LTL 2.95274
LVL 0.60489
LYD 6.463464
MAD 9.936862
MDL 18.213816
MGA 4555.721867
MKD 55.830725
MMK 2099.848767
MNT 3604.365716
MOP 8.103688
MRU 40.552456
MUR 47.620378
MVR 15.403739
MWK 1738.739965
MXN 18.536504
MYR 4.086104
MZN 63.903729
NAD 16.951422
NGN 1343.570377
NIO 36.90298
NOK 9.57248
NPR 151.114437
NZD 1.809464
OMR 0.385095
PAB 1.000231
PEN 3.411802
PGK 4.575679
PHP 63.960375
PKR 277.274459
PLN 3.996535
PYG 6207.891986
QAR 3.64425
RON 4.851904
RSD 106.559038
RUB 82.829047
RWF 1483.467138
SAR 3.82571
SBD 8.097697
SCR 13.874904
SDG 601.503676
SEK 10.075038
SGD 1.287304
SHP 0.752984
SLE 23.050371
SLL 20969.503664
SOS 573.048487
SRD 37.49037
STD 20697.981008
STN 22.225246
SVC 8.773983
SYP 13002.000337
SZL 16.946523
THB 33.875038
TJS 9.249966
TMT 3.5
TND 3.008504
TOP 2.40776
TRY 50.333804
TTD 6.806368
TWD 32.891404
TZS 2655.145825
UAH 45.588969
UGX 4131.053487
UYU 40.541335
UZS 12057.876355
VES 912.87925
VND 25725.5
VUV 120.638016
WST 2.81058
XAF 595.051667
XAG 0.020459
XAU 0.00025782798
XCD 2.70255
XCG 1.807139
XDR 0.707052
XOF 595.051667
XPF 108.325037
YER 236.550363
ZAR 16.976255
ZMK 9001.203584
ZMW 20.500748
ZWL 321.999592
SSP 5946.454122
MXV 2.081672
  • RYCEF

    0.4000

    19.71

    +2.03%

  • CMSC

    0.0000

    20.4

    0%

  • BTI

    0.4200

    56.05

    +0.75%

  • BP

    0.2800

    44.43

    +0.63%

  • RBGPF

    1.6000

    67

    +2.39%

  • RIO

    -0.1500

    94.41

    -0.16%

  • AZN

    -0.4300

    166.15

    -0.26%

  • GSK

    0.4600

    49.7

    +0.93%

  • BCE

    -0.4100

    20.56

    -1.99%

  • NGG

    -0.2500

    75.24

    -0.33%

  • VOD

    -0.0400

    16.58

    -0.24%

  • RELX

    -0.4500

    33.07

    -1.36%

  • BCC

    -0.5500

    76.59

    -0.72%

  • CMSD

    -0.0300

    20.27

    -0.15%

  • JRI

    -0.2500

    10.77

    -2.32%

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: © 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.

C.Mak--ThChM