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OIL AND GAS

UK Government to Review new Offshore Oil and Gas Licensing Policy

UK Government to Review new Offshore Oil and Gas Licensing Policy
The Siliconreview
04 September, 2020

In a recent press meet, the UK government has stated that it will review its policy on the UK offshore oil and gas licensing regime to bring about a new revolution in the oil and gas sector and to broaden the aim of the country towards achieving net-zero emissions by 2050. This policy licensing will help the UK to contribute to the greener environment.

"The oil and gas sector supports 270,000 jobs across the UK and plays a key role in developing the infrastructure and capability for green technologies such as carbon capture and storage and hydrogen power. The oil and gas sector is also a major source of tax revenue for public services and has provided over £330 billion to the UK Government from production taxation alone in today's prices," the UK government said.

It is reported that over half of the UK's electricity comes from clean resources, including wind and solar energy. But, the oil and natural gas sector still releases lots of pollutants and thereby emits many greenhouse gases. Therefore the UK government has taken this new step to achieve low carbon emission.