Binks Overseas

How does the State opening of Parliament this week affect the Oil & Gas Sector?

On Tuesday 7th November, we looked forward with anticipation to King Charles's first state Opening of Parliament speech.

Part of his announcement was that the Government intend to introduce new legislation that will allow oil and gas companies to bid for new licences to drill for fossil fuels every year. The bill is to support the UK's target to transition to net zero by 2050. It also serves to strengthen the UK's energy security and avoid overall reliance on the International energy markets.

Read the full Guardian article below......

North Sea oil and gas: what is the new licensing scheme, and will it cut bills? | Energy industry | The Guardian