Oil industry fights ban on exploring the North Sea
Proposals to ban new exploration licences in the North Sea would be catastrophic for Scotland’s oil and gas sector, the industry has warned.
Oil and Gas UK, the trade body, expressed its concern at a dramatic change in policy, warning that it would result in job losses, damage investment plans worth billions of pounds and hamper energy security.
Details of the potential ban were first reported at the weekend and are said to include moves for an immediate pause in issuing licences or a complete stop from 2040. It is also possible that there will be no changes in the regime that allows companies to bid for the right to explore in the North Sea.
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