Insight
UK government ends oil and gas licensing
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
On 26 November, UK government published its North Sea Future Plan following a consultation earlier this year. The government wants the North Sea to be an internationally-leading offshore clean energy industry, which ensures long-term jobs, growth and investment alongside a sustainable transition in oil and gas. The government will no longer issue any new licences in the North Sea, but existing licences will be honoured and operators can explore on these. The government has however committed to managing producing fields for their lifetime. Transitional Energy Certificates can be issued to develop known discoveries on unlicensed acreage that would be tied-back to producing fields. This report analyses the implications of the government's new policy.
Table of contents
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Executive summary
- An end to licensing, but not exploration
- Exploration bid rounds don't move the needle
- Transitional Energy Certificates
- Licensed versus unlicensed acreage
- Exploration does not increase demand for oil and gas
- Was a ban on new licences the right move?
Tables and charts
This report includes the following images and tables:
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Unlicensed and licensed discoveries on the UKCSUnlicensed discovery size vs distance to nearest producing asset by operatorLicensed versus unlicensed acreage by statusUKCS scope 1,2&3 emissions outperforms the IPCC net zero 1.5C pathwayUK scope 1&2 emissions by gas supply source (2025-50) & change in same emissions under a high case UKCS
What's included
This report contains:
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