What would new oil and gas licences mean for energy security and the climate?

The Government’s announcement that it intends to grant hundreds of new licences for producing oil and gas in the North Sea has come with a promise of cheaper, cleaner energy for the UK.

for latest breaking news from the UK, US and around the world, plus podcasts and features.

Evening Standard on socials:

[rossdavison]

Absolutely nothing. It's all about lining Tory pockets 😂

[andrewwatson]

Any oil and gas will be sold on the international market, so unless the Government forces it to be sold into the British Market, this will not affect the price we pay or the availability in any significant way.

[MrRolandgent]

It means private companies drill for oil and make profits. It isn’t a national company that gives us cheaper oil. Plus all our gas is imported from Norway

[RealUlrichLeland]

Unless you work in the hydrocarbon industry this won't benefit the averrage citizen at all. It'll take decades to get up and running, and all the profits will go to private companies who will sell their gas at the international rate. Despite being one of the major gas producers in Europe we were one of the hardest hit by the Ukraine war energy crisis because BP is under no obligation to sell their UK produced gas at a cheaper price to British citizens. If the government had been sensible then they could've nationalized the profits of the gas industry and invested in a sovereign wealth fund like Norway, but they've squandered it all now and are selling off the last scraps to their cronies just at a time when we should be moving away from gas almost entirely.

[marktaylor]

It’s time the whole lot was nationalised and run by the people for the people and not for the shareholders

[jeanneale]

No benefit to the UK residents
Ridiculous

[hexrag]

Nice to see the conservatives looking after the shareholders like usual

[tammyjanjan]

Wait but isn’t like 100% of our oil and gas imported, even when it’s been extracted from the North Sea? And isn’t that extraction all done by private companies with that oil and gas sold at global market prices? We don’t get mates rates just because it’s been extracted from the North Sea, we still pay global market prices… so the argument that this is somehow going to protect energy security and/or lower prices is utter nonsense. Apart from jobs created in those specific sectors, all this does is make private oil companies rich and kill the planet.

[RSLtreecare]

Fantasy, we live at a time, there's a very narrow focused Government. With little understanding of a longer term future.

[BritishAnts]

It’s sold on the open market to the highest bidder once removed, it does not mean cheaper energy as it may be used in China however the 1% of billionaires will benefit! Basically the people sat at the same tables as the people in GOV! These contracts just keep us all addicted to the one thing the rich have and we will need unless we transfer to green energy!

[squee]

What's wild for me.. is they talk about us needing this stuff to help with the transition to renewables.. yet at the same time still have a ban in place for solar and onshore wind..

Rishi has vested interests in oil and gas.. he aint gonna mess up his returns.

[simongigney]

Erm the oil License is given, thst doesnt mean we get some special deal. Like 15- 20% stays in uk. Still at normal global price, the rest sold st market price. We import most of our gas from Norway. Not even 5% from russia. So the whole, "theirs a war!!" Is just an itter BS excuse as usual... These utter con men need getting rid of.

[fdshands]

What a pathetic 'report'. Who will do the extracting? Who does it now? Does the UK have 'first choice' on the fossil fuels extracted? No. Do the people of the UK get a discount? No. The gas goes on the international market. With a subsidy from the UK taxpayers.

[markopolo]

Disgustingly high profits for the super rich, Disgustingly high prices for the poor

[AnaInThSky]

This will take 20 years to yield anything and private oil companies will be the only ones profiteering. Meanwhile, still underinvesting in cheap, clean renewables that could be up n running in 6 months making bills cheaper.

[B.A.]

Good for the Energy Suppliers but, no cheaper energy bills for the consumers. Politicians to short of a backbone to tackle the exploitative energy giants.

[userunknown]

Regardless of anything else, if this causes a problem for just stop oil then i fully support it

[thesnudge]

They told Scotland that the oil was running out during the independence referendum. Funny that, eh?

[lizroberts]

It means nothing because it will be sold on the global market

[bobbiemcconnell]

I would rather see a oil rig in the North Sea than those wind turbines