RISHI Sunak will expand oil and gas exploration every year to cut Britain’s reliance on imports from hostile states.
The PM aims to increase North Sea production by awarding licences annually.
Aims to help the oil and gas sector will be set out in the King’s Speech on TuesdayJustin Tallis / PA Wire
Laws to help the sector’s 200,000 jobs will be set out in the King’s Speech on Tuesday.
They also shield us from the “volatility of international markets”, Mr Sunak said.
He added: “I’m proud of our plan to transition to net zero without adding burdens on households.
“Domestic energy will play a crucial role in the transition to net zero, supporting jobs and economic growth, while also protecting us from the volatility of international markets and diversifying our energy sources.
“The clarity and certainty that our new legislation will provide will help get the country on the right path for the future.”
Ministers say it will help hit the 2050 target in a “pragmatic, proportionate and realistic” way.
Energy trade boss David Whitehouse said: “A predictable licensing process will support the sector’s skilled people.”
“While we continue to use oil and gas, we should prioritise our homegrown production to support our energy security, our economy, our jobs, and our world class supply chain that will be the foundation of our low carbon future.”
Published: [#item_custom_pubDate]
