Liz Truss: Will approve new North Sea drilling licenses if she becomes prime minister


The current Foreign Secretary’s staff is trying to draw up a plan to tackle energy accuracy after announcing a rise in energy bills for a typical British household to £3,549 a year.

of Thanasis Gavou

Liz Truss, Boris Johnson’s preferred successor as UK prime minister, plans to approve a raft of new drilling licenses for oil and gas in the North Sea.

According to the Times, it will be one of her first actions as prime minister as part of a long-term plan to secure energy self-sufficiency of the country.

Her staff current Minister of Foreign Affairs is trying to draw up a plan to tackle energy accuracy after announcing a rise in energy bills for a typical UK household to £3,549 a year.

The implementation of the plan to achieve energy sufficiency in the next period is said to have been undertaken by the current Minister of Business and Energy Kwasi Kwarteng and the Deputy Minister of Brexit Opportunities Jacob Rees-Mogg, both of the closest allies of Mrs. Truss.

Their approach has a dual objective, on the one hand to increase the import of natural gas from Norway and on the other to increase domestic production.

It is noted that Mr Kwarteng is seen as the most likely Finance Minister in a Liz Truss government and Mr Rees-Mogg a possible Business and Energy Secretary.

The plan to increase drilling is believed to include issuing 130 new permits. The last licensing round in 2019 resulted in the granting of 113 licenses.

Liz Truss is also believed to be asking energy companies to invest in existing mining platforms to maximize their output.

According to estimates by Offshore Energies UK, the North Sea still contains deposits of around 15 billion barrels of natural gas and oil. The annual consumption of hydrocarbons in the UK is approximately 1 billion barrels.

Production in the North Sea peaked in the early 2000s, with nearly 3 million barrels of oil being extracted each day. Production has since fallen to less than 1 million barrels per day, although there are signs of an increase in output.

As announced a few days ago, during the first half of the year production in the North Sea increased by 26% compared to last year, which contributed to zero fuel imports from Russia for the first time in June.

Environmental organizations, however, have for months asked the Minister of Energy not to allow further mining in the North Sea and for the country to turn to renewable energy sources. Since then the UK has experienced a historic heatwave with the thermometer topping 40C for the first time.

Liz Truss is under fire for not detailing her plans to tackle energy uncertainty should she actually win the race to succeed Rishi Sunak next Monday, when the UK’s new Prime Minister will be announced.

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