The UK will announce many new North Sea oil-and-gas licences

Two sources familiar with British discussions indicated that the British government will announce many new North Sea oil- and gas exploration licenses to increase domestic production.

One source, speaking on condition of anonymity said that the exact number of new licenses is still not known. Another source said that it could be up to 130. It could be announced as early as Thursday, said Reuters.

Prime Minister Liz Truss was appointed Tuesday and will present to parliament her government’s plans to tackle soaring energy costs. She repeatedly stated that she would focus on lowering prices by increasing the domestic energy supply during her leadership campaign.

Truss’s office didn’t immediately respond to a request for comment.

This licencing round won’t provide any relief for energy bills in the short term. It typically takes five to ten years from initial exploration to produce oil and gas from a field.

The last round of offshore licensing in Britain was in 2020.

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