Rishi Sunak to unveil North Sea annual oil and gas licensing bill

FT says New legislation to mandate annual North Sea oil and gas licensing rounds will be at the heart of the King’s Speech on Tuesday, as Rishi Sunak looks to exploit a policy divide with Labour ahead of the next UK general election.

The prime minister insisted the bill, which would allow companies to bid yearly for new licences to drill for fossil fuels in the North Sea, would protect jobs and strengthen Britain’s energy security by reducing its exposure to volatile international markets.

The announcement, which comes in the wake of the energy shock sparked by Russia’s full-scale invasion of Ukraine that has sent prices soaring, will allow Sunak to highlight how his “pragmatic, proportionate and realistic” approach to achieving net zero by 2050 contrasts with Labour’s policies.

https://www.ft.com/content/0d647ba7-7cc2-4e34-beb4-85ec33e14122