UK Rumored to Announce New North Sea Oil and Gas Licenses

The British government is expected to announce dozens of new oil and gas exploration licenses in the North Sea in a bid to boost domestic production, two sources familiar with the government's deliberations told LONDON (Reuters).

The exact number of new licenses has not yet been confirmed, one of the sources said, speaking on condition of anonymity. Another said the number could be as high as 130. The announcement could be made by Thursday. Prime Minister Liz Truss, who was appointed on Tuesday, is expected to present to parliament on Thursday the government's plans to tackle rising energy bills. She repeatedly said during the leadership campaign that increasing domestic energy supply would be part of the focus in her quest to lower prices. Truss' office did not comment directly on the licenses but noted that the prime minister told parliament that the government would increase supply through North Sea resources and more nuclear power plants. The licensing round will not provide short-term relief on energy bills, as the time from initial discovery to oil and gas production from a field is typically between five and 10 years. https://twitter.com/trussliz/status/1567778310809161729 The UK's last offshore licensing round was in 2020. In the face of the global energy crisis, countries continue their search for natural resources and efforts to increase domestic production. Source: investing.com Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!