Safeguarding opportunities for North Sea oil and gas

 The UK government has announced today that it will safeguard new opportunities for North Sea oil and gas every year – boosting our energy security and supporting jobs as we take a more proportionate and pragmatic long-term approach to reaching net zero. 

  • We can be proud that the UK is a world leader in reducing emissions. The UK has cut its emissions faster than any of its peers. But as the independent Climate Change Committee acknowledges, we will need oil and gas even as we reach net zero in 2050. 
  • That is why, as part of the Conservative government's plan for long-term decisions to get to net zero, legislation will be set out in the King’s Speech that will require the North Sea Transition Authority (NSTA) to invite applications for new production of oil and gas on an annual basis – championing an industry that supports 200,000 jobs and adds about £16 billion to the economy a year. 
  • Opposing new licenses as the Labour Party does, means more foreign imports, meaning billions in tax receipts lost, risks to the 200,000 jobs in the sector – threatening our ability to tackle climate change. 

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