King’s Speech: Ministers ban North Sea oil and gas exploration

cityam05-14 12:00

Calls for the UK to grant new North Sea drilling licences have been growing The government will make it illegal to grant new oil and gas licences in the North Sea, the King said at the state opening ...

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But since entering government, the party has come under growing pressure to renege on the promise, with critics arguing it strangles one of Scotland’s most vibrant industries and ","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"OILK":"ProShares K-1 Free Crude Oil ETF","XES":"SPDR S&P Oil & Gas Equipment & Services ETF","OILT":"Texas Oil Index ETF","USO":"美国原油ETF","OILU":"MicroSectors Oil & Gas Exp. & Prod. 3x Leveraged ETN","BNO":"美国布伦特原油基金有限合伙企业","USOI":"ETRACS Crude Oil Shares Covered Call ETN","BWET":"BREAKWAVE TANKER SHIPPING ETF","USE":"USCF Energy Commodity Strategy Absolute Return Fund","BK4570":"地缘局势概念股","PXJ":"Invesco Oil & Gas Services ETF","USL":"United States 12 Month Oil Fund LP","UGA":"United States Gasoline Fund LP","XLE":"SPDR能源指数ETF","UCO":"二倍做多彭博原油ETF","DRIP":"Direxion Daily S&P Oil & Gas Exp. & Prod. 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But since entering government, the party has come under growing pressure to renege on the promise, with critics arguing it strangles one of Scotland’s most vibrant industries and fails to improve the UK’s environmental footprint.\n\n\nPlay Video\nBacklash against ‘deluded’ North Sea policyOil and gas still accounts for three quarters of the UK’s energy mix. And the majority of those fossil fuels are now shipped in from abroad, meaning other economies benefit from the job creation and tax receipts that derived from the lucrative drilling and refining processes.\n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCalls for the ministers to rethink the ban have grown louder since the outbreak of war in Iran led the price of crude oil to nearly double in a month. Last week, Norway, which drills for oil in the same area of the North Sea as Britain, approved plans to reopen three gasfields that had been shut for decades to help sate the global demand for fossil fuels caused by the closure of the Strait of Hormuz shipping lane.Two of Labour’s main political opponents – Reform UK and the Conservatives – have both vowed to overturn the ban, in a move they say would help increase the UK’s tax take and inoculate it from any acute supply shocks.The ban, which the government claims will help Britain off the “roller-coaster of fossil fuel markets”, has also drawn criticism from the US’s ambassador to the UK, who has used multiple interviews to urge Britain to make more of its reserves.\n\nShadow energy secretary Claire Coutinho accused her opposite number Ed Miliband of being “utterly deluded” for seeking to put the ban onto the statute book.“He is not making us more independent. He is making us more reliant on foreign imports,” she said.","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":"policyRegulatory","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":"4.42.2","shortVersion":"4.42.2","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/2635767580","isCrawlerRequest":true}