Review into UK offshore oil and gas licensing regime

IOM3 Content Cafe
,
3 Sep 2020

The UK Government is to review its policy on the future UK offshore oil and gas licensing regime as part of the wider aim of achieving net zero emissions by 2050. Initial findings and next steps will be published in the upcoming Energy White Paper.

Oil and natural gas remain in demand for heating, cooking and transport, and are vital to the production of medicines, plastics, cosmetics and household appliances. The oil and gas sector supports 270,000 jobs across the UK and plays a key role in developing the infrastructure and capability for green technologies such as carbon capture and storage and hydrogen power.

The review comes as the Oil and Gas Authority announces the outcome of the 32nd licensing round for North Sea exploration. In addition, ministers say, the upcoming North Sea Transition Deal will be published within this Parliament.