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Offshore Oil and Gas Licensing Round Launches in UK

On Friday, the UK's oil and gas regulator will launch a new licensing round for oil and gas exploration in the North Sea.

As a result of high energy prices and Russia's invasion of Ukraine, the government announced the plan in April.

A new licensing round will boost the British economy, energy security, and jobs, according to Business and Energy Secretary Jacob Rees-Mogg.

Gas produced domestically has a lower carbon footprint than gas imported from overseas, he said.

North Sea Transition Authority (NSTA) expects to award 100 licenses for exploration and possible development of 898 North Sea blocks and part-blocks.

The NSTA has designated four "priority cluster areas" in the Southern North Sea to encourage the production of new oil and gas supplies as quickly as possible.

7 October 2022


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