Offshore oil and gas licensing regime to be reviewed: The future offshore oil and gas licensing regime policy is to be reviewed by the UK Government as part of its wider aim of delivering net zero emissions across the entire economy by 2050.
The government review is to ensure that it has the necessary information available to plan for continued oil and gas production in a manner “aligned with tackling climate change”.
The government notes, oil and natural gas are resources will still be required for cooking, heating and transport and additionally will be required for use in the production of medicines, plastics, cosmetics and household appliances – 270,000 jobs are currently supported in the country by the oil and gas sector.
The infrastructure and capability for green technologies such as carbon capture and storage and hydrogen power will come from firms within the industry who claim they will play a key role in development.
Alok Sharma, Business and Energy Secretary said: “Over half of our electricity now comes from low-carbon sources, power from coal is at an all-time low, and we have more installed offshore wind capacity than any other country in the world.
“While we have decarbonised our economy faster than any other major country over the past two decades, the oil and gas sector will continue to be needed for the foreseeable future as we move toward net zero carbon emissions by 2050.
“Our review into future oil and gas licensing rounds will ensure we are able to meet our net zero target, while protecting jobs across the country as part of our plan to build back better with a greener, cleaner economy.”
Offshore oil and gas licensing regime to be reviewed