UK prepares law banning new oil and gas extraction in the North Sea
The UK government has introduced the Energy Independence Bill, which will strip the North Sea Transition Authority of the power to issue new oil and gas exploration licences in the North Sea. The law does not affect the decision regarding the Rosebank field, the largest undeveloped site, nor does it reverse the recent approval for the Jackdaw gas field. Additionally, the bill introduces 'Transitional Energy Certificates' to allow limited additional extraction near existing fields, abolishes gas standing charges, accelerates grid connections, and establishes a £2 billion Energy Wealth Fund to support renewable and low-carbon energy initiatives.
Aziz Karimov