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UK confirms support for new oil, gas licensing round
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IANS | 23 Sep, 2022
The UK government has formally lifted a ban on fracking for shale gas in
England and confirmed support for new oil and gas licensing round.
According to a statement published on Thursday, to "bolster
the country's energy security", the government has lifted the moratorium
on shale gas production in England, reports Xinhua news agency.
The
government has also confirmed plans for a new oil and gas licensing
round, launching by the North Sea Transition Authority in early October,
paving the way for more than 100 new licences for exploration, which
could involve fracking.
These licences will enable developers to search for commercially viable oil and gas sources.
Business Secretary Jacob Rees-Mogg said strengthening Britain's energy security is "an absolute priority".
In
2019, the government had said that fracking would resume only if "the
science shows categorically that it can be done safely".
However,
the Department for Business, Energy and Industrial Strategy argued on
Thursday that lifting the ban would enable further data to be collected.
The moratorium on shale-gas production has been in place in England since 2019 following concerns over earth tremors.
According
to an Oil and Gas Authority report, it is not possible with current
technology to accurately predict the probability of tremors associated
with fracking.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
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