Britain's oil and gas industry body called for new drilling licenses in the North Sea and rapid investment in the sector to mitigate the impact of high prices on consumers as the country grapples with the worst energy crisis in decades.
The incoming UK Prime Minister Liz Truss has vowed to act immediately to help people cope with surging energy bills that threaten to leave many unable to heat their homes this winter and said during her campaign she would seek to extract more oil and gas from the North Sea.
"The best way for the UK to ensure secure gas and oil supplies is by increased investment in its own resources," said Ross Dornan, OEUK’s market intelligence manager. Britain is not directly reliant on Russian gas imports, but its connectivity to the European countries through pipelines and its imports of liquefied natural gas from other regions mean that it is also affected by the European and global price increases.
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