The North Sea Transition Authority (NSTA) is set to hand out over 100 new licenses for oil and gas exploration in the UK. According to ministers, this will boost the UK’s economy and energy security. However, concerns have been raised regarding the move’s impact on climate change, and that such a move will do very little to ease rising energy costs for consumers.
Due to the war in Ukraine and the reliance of energy sources in Russia, business and energy secretary, Jacob Rees-Mogg says: ‘It’s more important than ever that we make the most of sovereign energy resources, strengthening our energy security now and into the future.’ According to the government, producing gas within the UK will lower the country’s carbon footprint, support jobs and boost the economy.
The decision defies warnings from the world’s leading energy organisation, the International Energy Agency, that no new fossil fuel projects can be considered compatible with efforts to curb global heating.
An analysis of the UK’s untapped North Sea oil and gas fields by US-based Global Energy Monitor warned that developing even one of them would run counter to the UK’s climate goals.
It is estimated that any project would take at least five years to come on stream.
