In the midst of the growing energy crisis, the new British Prime Minister, Liz Truss is studying plans to grant “dozens” of new oil and gas exploration licenses in the North Seaas reported by Reuters citing unnamed sources.
The UK government is trying to increase domestic production to help alleviate the country’s energy crisis.
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From the initial exploration to the production of oil and gas in a field, it usually takes between five and ten years.
The exact number of new licenses is yet to be confirmed.
They could be up to 130.
The announcement could come as early as Thursday.
The last offshore licensing round in Britain was in 2020.
Meanwhile, the British daily Telegraph also reported that the ban on fracking in the country will be lifted on Thursday 8th September.
Source: Fx Street
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