Energy crisis: Britain could be sitting on a second North Sea

cityam04-21 17:32

An aerial view of the Cuadrilla shale gas extraction (fracking) site at Preston New Road, near Blackpool on September 16, 2019 in Preston, England. (Photo by Christopher Furlong/Getty Images) Onshore ...

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(Photo by Christopher Furlong/Getty Images) Onshore ...</p>\n\n<a href=\"https://www.cityam.com/energy-crisis-britain-could-be-sitting-on-a-second-north-sea/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":null,"symbol_name":null,"start_time":0,"source_url":"https://www.cityam.com/energy-crisis-britain-could-be-sitting-on-a-second-north-sea/","article_id":"2629820020","we_media_id":null,"thumbnails":["https://www.cityam.com/wp-content/uploads/2026/04/Cuadrilla-fracking-site-e1776763797874.jpg?w=824&h=463&crop=1"],"rights":{"source":"cityam_highlight","url":"https://www.cityam.com/energy-crisis-britain-could-be-sitting-on-a-second-north-sea/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2629820020","pubTimestamp":1776763922,"columns":[],"sourceInfo":{"source_id":"cityam_highlight","name":"cityam"},"weMediaInfo":null,"summary":"Scrabbling to come up with a response that doesn’t involve subsiding all our energy bills, at huge cost to the taxpayer, Rachel Reeves has recently indicated a new openness to oil and gas drilling in the North Sea – despite Labour’s general election manifesto claiming new North Sea exploration wouldn’t “take a penny off bills”. Which puts her on a collision course with a certain Cabinet colleague.Get weekly sparky insight and expert commentary on markets, entrepreneurship and innovation from CityAM’s Opinion Editor, delivered every Saturday.But let’s not forget, the North Sea isn’t the only place where Britain has an abundance of secur","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{},"translate_title":"能源危机：英国可能坐拥第二个北海","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/0cec096475d69d3ea92a7ad3bbca0389","symbols_score_info":{"SCO":0.6,"OILK":0.68,"ERX":0.9,"USE":0.9,"PXJ":0.9,"IXC":0.9,"XLE":0.68,"OILT":0.68,"BNO":0.68,"DBO":0.68,"USOI":0.68,"DBE":0.9,"USL":0.68,"BWET":0.68,"DUG":0.68,"VDE":0.9,"XOP":0.68,"DRLL":0.9,"UCO":0.6,"DIG":0.9,"GUSH":0.9,"OILU":0.68,"DBC":0.9,"OIH":0.68,"UGA":0.68,"USO":0.68,"DRIP":0.9,"IEO":0.9},"content_text":"An aerial view of the Cuadrilla shale gas extraction (fracking) site at Preston New Road, near Blackpool on September 16, 2019 in Preston, England. (Photo by Christopher Furlong/Getty Images) Onshore shale gas could provide cheap, abundant energy not dependent on Russian oligarchs or subject to the whims and fancies of Donald Trump. But as with so many areas, it’s being held back by of eco-zealotry, Nimbyism and an inability to simply get things done, says Emma RevellThat Britain needs to solve its energy crisis is news to no one.Even before Israel and the United States decided to enter into a renewed conflict with Iran, things were pretty bleak. Our energy intensive sectors – whether traditional industries such as steel manufacturing or the new data centres we need to be the home of AI – were already facing the highest energy prices in the Western world. For vulnerable domestic customers, it was often a constant battle to pay for the heating.Now, we’re facing a period of huge disruption to global oil and gas supply chains with no clear end in sight, as Iran tightens its grip on the Strait of Hormuz and targets transport and oil infrastructure in the Gulf with drone attacks. And Britain – as a net importer of energy – is particularly exposed to such energy price shocks.\n\nScrabbling to come up with a response that doesn’t involve subsiding all our energy bills, at huge cost to the taxpayer, Rachel Reeves has recently indicated a new openness to oil and gas drilling in the North Sea – despite Labour’s general election manifesto claiming new North Sea exploration wouldn’t “take a penny off bills”. Which puts her on a collision course with a certain Cabinet colleague.\n\n\n\n\n\n\nFree Thinking - City AM Opinion Newsletter\nGet weekly sparky insight and expert commentary on markets, entrepreneurship and innovation from City AM’s Opinion Editor, delivered every Saturday.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWhile Reeves last week signalled her support for so-called tie-back arrangements, which use existing infrastructure to facilitate extraction in neighbouring areas, the decision to grant licences sits with the Energy Secretary.Net Zero’s Cheerleader in Chief, Ed Miliband, is said to be considering approving the projects. In order to meet Labour’s manifesto commitment to not explore new oil fields, he will undoubtedly contort himself into unspeakable positions in order to explain why widening the scope of existing fields is meaningfully different.Short-sightedOf course, in reality it isn’t. And the short-sighted decision to ban new exploration – along with massive windfall taxes on the sector and a series of court cases which seem to regard oil and gas piped up from the North Sea as uniquely wicked and the same fossil fuels imported from overseas as perfectly fine – has significantly undermined our ability to tap into the much-needed oil and gas reserves we have within our control.\n\nBut let’s not forget, the North Sea isn’t the only place where Britain has an abundance of secure, domestic supply.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2629820020","isCrawlerRequest":true}