By Joshua Manning •
Published: 22 Sep 2022 • 10:57
Image of gas pipeline with UK flags.
Credit: Fly Of Swallow Studio/Shutterstock.com
The UK’s lift on the moratorium on shale gas and new oil and gas licensing comes as a response to “Putin’s illegal invasion of Ukraine and weaponisation of energy.”
The UK government claims it is taking concrete steps to increase home-grown sources of energy, reduce the UK’s reliance of foreign imports, and explore all possible options to boost domestic energy security.
Business and Energy Secretary Jacob Rees-Mogg stated:
“In light of Putin’s illegal invasion of Ukraine and weaponisation of energy, strengthening our energy security is an absolute priority, and – as the Prime Minister said – we are going to ensure the UK is a net energy exporter by 2040.”
“To get there we will need to explore all avenues available to us through solar, wind, oil and gas production – so it’s right that we’ve lifted the pause to realise any potential sources of domestic gas.”
The new licensing round is expected to lead to over 100 new licences, as previously announced by the Prime Minister, forming part of the government’s plans to accelerate domestic energy supply. Under the new licensing round, which follows the outcome of the Climate Compatibility Checkpoint, the NSTA is expected to make a number of new ‘blocks’ of the UK Continental Shelf available, for applicants to bid for licences.
The news follows reports that Homes England, alongside Greater Manchester Pension Fund, listed wealth manager Mattioli Woods and other private institutional investors, have committed £80m to the Initial Close of the Newstead SME Real Estate Lending Fund (RELF), as reported on Thursday, September 22.
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Originally from the UK, Joshua is based on the Costa Blanca and is a web reporter for the Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at firstname.lastname@example.org.
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