UK's Miliband reportedly orders ban on new oil licences

(Sharecast News) - New UK Energy Secretary Ed Miliband has reportedly ordered an immediate ban on issuing new licences to drill for oil in the North Sea. The applications, from companies seeking to exploit up to 35 new North Sea areas, were submitted as part of the 33rd offshore oil and gas licensing round initiated by the last Conservative government in autumn 2023.

It saw 76 oil and gas companies submitting 115 bids to drill for oil and gas across 257 blocks of the North Sea, Irish Sea and East Atlantic. Bids for up to 35 areas were still awaiting a decision from the North Sea Transition Authority (NSTA), the regulator, when the election was called, the Telegraph newspaper reported.

A spokesman for Miliband said: "We will not issue new licences to explore new fields, and will not revoke existing oil and gas licences. We will manage existing fields for the entirety of their lifespan."

Reporting by Frank Prenesti for Sharecast.com