In a bid to tap into the rich energy resources lying beneath the North Sea, the government is set to urge Britain’s major energy companies, including Shell and bp, to invest their record profits in new oil and gas ventures.
Yesterday, the Prime Minister unveiled plans to grant more than 100 exploration licenses for fresh oil and gas fields, signalling a renewed focus on bolstering the nation’s energy security.
The announcement comes as part of an unofficial “energy week” full of energy policy announcements aimed at safeguarding the country’s energy future.
The discussions will centre around encouraging companies to reassess their North Sea investments, a move that coincides with the Treasury’s recent announcement to ease windfall taxes on the profits of oil and gas companies, aiming to stimulate further investment.
Yesterday, several organisations expressed concerns over the environmental impact of the new government energy plan.