The North Sea currently provides gas to the UK however, there is a chance of this being stopped. This would leave Britain to rely on expensive gas imports.
Labour has talked about wanting to ban new oil and gas exploration in the North Sea. Energy bosses have warned that not having any new oil and gas from the north sea would threaten the UK’s energy security and leave people to deal with high bills again.
Energy bosses have also added that by stopping new oil and gas licenses, they would be starving the UK of energy, leading u to become dependent on imports.
Energy companies have also argued that by using domestic oil and gas we are producing less carbon as we do not have to import this into the country.
Although the country needs to become less reliant on oil and gas, they cannot completely cut it out as it provides energy security, which is the only way we are going to bring energy bills down.
The government waiting to ban new exploration is not the only thing turning investors away from new projects in the North Sea. It has also been said that the approach to taxation of companies in the North Sea, makes it difficult for companies to invest meaning the supplies from here could begin to diminish over the next few years.
Energy security in the UK
The climate change committee says that UK oil and gas needs to have a stop put to it to have more clean domestic energy in the UK, however stopping this too soon could cause issues for energy security rather than fixing them.
More renewable connections to the grid would allow the country to reduce their reliance on other types of energy, however, this cannot all be done at once or demand would outweigh supply causing high energy prices for consumers and issues with blackouts.
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