OEUK: New oil and gas licenses critical in Europe’s search for reliable, responsible energy producers

The UK will be almost wholly reliant on imported oil and gas within the next 15 years unless new licenses and investments are granted soon, the leading representative body for the UK’s offshore energy industry has said.

Responding to reports that Conservative leadership candidate Liz Truss would give the green light to as many as 130 new drilling licenses this autumn, OEUK said that the UK and Europe must now think carefully about prioritizing reliable and responsible energy producers to deliver cleaner, secure energy.

“The European energy sector right now is cracking at the seams. Without the contribution of UK oil and gas resources, that crack would be a gaping hole,” said OEUK Sustainability Director Mike Tholen.

“New oil and gas licenses and investment here means the UK and Europe is less likely to have to scramble for international supplies or return to using other fossil fuels, with all the implications that would have for cost, emissions, and national security.

“We are doing this while ramping up investment in clean electricity, but also finding solutions for the 75% of our energy system which uses oil and gas for fuel, power and heating.”

Source: https://www.worldoil.com/news/2022/8/30/oeuk-new-oil-and-gas-licenses-critical-in-europe-s-search-for-reliable-responsible-energy-producers/