Legislation to be set out later this week in the King's Speech will require the NSTA to invite applications for new production license on an annual basis.
licensing in the North Sea in a bid to reduce dependency on “hostile foreign regimes," it will be announced in the King’s Speech.
Data published by the Climate Change Committee showed the UK will continue to rely on oil and gas to help meet its energy needs even after net zero in 2050. Each annual licensing round will only take place if key tests are met that support the transition to net zero, including that the UK must be projected to import more oil and gas from other countries than it produces at home, and that carbon emissions associated with the production of UK gas are lower than the equivalent emissions from imported liquefied natural gas.
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