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UK intends to produce 100% of North Sea reserves: Shapps

ENERGY

UK Energy Minister Grant Shapps said the government intends to extract 100% of its North Sea oil and gas reserves and still meet net-zero ambitions by 2050.

  • Shapps suggested that this is possible as the continental shelf’s reserves were depleting.
  • “Even if we granted every single conceivable licence to the North Sea . . . the [UK’s oil production] would decline at seven per cent a year, twice the rate of the IPCC [recommendations],” he said.
  • This contrasts the opposition labour party’s stance on granting no new North Sea licenses if they win the next general election.

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