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Oil & Gas News – Late January 2024

Estimated reading time 1 minute

New research has affirmed that the UK Government’s proposed oil and gas licensing bill is unlikely to enhance the nation’s energy security or reduce bills, based on trends in oil production and exports over the past two decades.

A new study from Global Witness reveals that despite the sale of approximately 1,700 new oil and gas licenses over the last twenty years, the UK’s energy security from the fossil fuels has regressed due to a surge in exports and a steep decline in oil production.

According to the analysis, the UK Government granted a total of 1,680 new licenses for oil and gas exploration between 2004 and 2023; however, production plummeted by 60% during roughly the same period.

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