The government has launched the latest licensing round for new oil and gas projects.
The approved projects could pave the way to boost the UK’s energy supplies, the North Sea Transition Authority (NSTA) has suggested.
Nearly 100 licenses could be awarded in this round, with 898 blocks and part blocks in the North Sea that could potentially be developed.
NSTA analysis estimated that the average time between discovery and first production is close to five years and falling.
The licensing round is one of the steps the NSTA has taken to boost the UK’s energy independence.
Other measures include licensing the Rough gas storage facility and encouraging operators to look again at reopening closed wells.
Business and Energy Secretary Jacob Rees-Mogg said: “Ensuring our energy independence means exploiting the full potential of our North Sea assets to boost domestic production – recognising that producing gas in the UK has a lower carbon footprint than importing from abroad.”
Dr Andy Samuel, NSTA Chief Executive, said: “Security of supply and net zero should not be in conflict. The industry has committed to halving upstream emissions by 2030 and investing heavily in electrification, carbon storage and hydrogen.
“Signs are promising so far – our first carbon storage round closed last month with 26 applications from 19 companies across all the areas we offered.”
