The largest consumers of Russia’s oil and gas are now actively seeking alternatives. A ban on imports of oil from Russia prompted the United Kingdom to resume licensing to explore new oil and gas fields in the North Sea.
Andy Samuel, the chief executive of the UK Oil and Gas Authority, offered a solution to the country’s energy crisis. He says the UK needs to expand production. According to the official, local producers are fully equipped and ready to explore new oil and gas fields in the North Sea, so the government may begin issuing licenses. The Authority will be stewarding current crude production in the UK waters and issuing licenses for new oil and gas developments, Mr. Samuel noted. Currently, domestic oil and gas account for three-quarters of the UK's energy needs. The exploration of new hubs will allow the country to cut its dependence on Russian energy.
Notably, in mid-2021, London pledged to stop issuing new licenses and set an end date for current oil and gas developments by 2040. However, given the present geopolitical situation, the UK government decided to postpone this initiative and continue production in the North Sea.
