UK Energy Minister Greg Hands said North Sea oil and gas has a “good, solid” future ahead, and confirmed that the government will issue new licences this year.
Speaking at International Energy Week 2022 on Tuesday, Mr Hands made the case for further production, adding: “We need continued investment into the North Sea.”
He said the government would hold new licensing rounds and continued exploration, and would ensure this activity was “compatible” with the UK’s climate and net zero targets.
He added: “I very much see net zero as being part of the solution and not part of the problem.
“Moving to energy-secure, domestically-produced, robust, renewables, nuclear, that is our energy future in a net zero world – while still recognising the importance of oil and gas in the transition.”
“All these things point towards a good, solid future for oil and gas,” Mr Hands added.
It comes hot off reports that the UK Government is seeking to fast-track six North Sea fields, including Equinor’s Rosebank project, as the Chancellor pushes for continued North Sea investment.
The UK Government is currently consulting on a climate checkpoint system, being introduced via the North Sea Transition Deal, to ensure developments meet emissions targets.
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