Britain will allow some new oil and gas production on or near existing fields, the government said on Wednesday, easing its stance on new licences while dashing…
Britain will allow some new oil and gas production on or near existing fields, the government said on Wednesday, easing its stance on new licences while dashing oil and gas producers' hopes for an early end to windfall taxes on their sector.
From an output of around 4.4 million barrels of oil equivalent per day (boed) - similar to OPEC heavyweight Iraq - at the start of the new millennium and a position as a net exporter, Britain now produces around 1 million boed, with a decline to under 150,000 boed seen by 2050, according to UK oil and gas regulator North Sea Transition Authority (NSTA).
U.S. President Donald Trump has been outspoken in his criticism of the UK's energy policy and efforts to reach net zero greenhouse gas emissions by 2050. Trump has called on the British government to drill more oil from the North Sea and criticised the country's windfarms.
The Labour government had pledged during its 2024 election campaign that it would stop awarding new oil and gas licences to move toward net zero.
Wednesday's move allows the government to hand out new oil and gas licences if they do not require new exploration and link back to
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