Boosting oil and gas exploration in the North Sea

The UK government has introduced a new oil and gas licensing bill to boost exploration in the North Sea. Companies will be invited to apply for new production licenses if they meet two conditions: the UK must import more oil and gas from other countries than it produces internally, and the carbon emissions associated with domestic production must be lower than the emissions from imports. The bill has faced criticism from the Labour Party, with the Energy Secretary admitting that it will not reduce household energy bills. However, the government argues that energy independence and protecting jobs are the priorities, with tax revenues generated from the licenses potentially funding the UK's transition to renewable energy.