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UK Plans to Increase North Sea Drilling and Lift Ban on Fracking

ENERGY

British Prime Minister has announced plans to increase North Sea oil and gas drilling and lift a ban on fracking alongside a cap on domestic energy prices for home and businesses.

  • A new round of oil and gas licensing will be held next week for more than 100 new licenses. Britain’s last offshore licensing round was in 2020.
  • The PM announced she would end a ban on fracking in Britain which was suspended in Nov 2019. Shale gas drilling will be subject to local support.
  • The energy price guarantee will mean average household bills will be capped at £2,500 a year for two years.
  • The UK is setting a goal to be a net exporter of energy by 2040.

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