Ministers are considering declaring the beginning of the end for the North Sea oil industry with a ban on new exploration licences. The radical move is on the table as part of a decisive shift away from fossil fuels and as part of preparations for the crucial climate summit the Government is due to host in Glasgow in the autumn. Britain is already legally bound to deliver “net zero” carbon emissions by 2050. Options being consulted on are understood to include an end to issuing licences in 2040, and an immediate temporary pause in licences. No change to the licensing regime is also possible. One industry source said a decision is close. A ban on new licences would begin the terminal decline of British exploration in the North Sea and would be particularly controversial in Scotland.
Telegraph 13th March 2021 read more »