Energy Security Secretary Grant Shapps has emphasised the importance of maximising the remaining reserves of North Sea oil and gas to ensure the country’s energy independence.
In an interview with the Financial Times, Shapps criticised Labour’s plan to ban new oil and gas exploration in the North Sea, deeming it a “policy of self-harm.”
Mr Shapps declared the government’s commitment to fully exploit the remaining North Sea oil and gas reserves.
The Energy Secretary criticised Labour‘s proposal to ban new exploration licences, branding it as “madness” and asserting that such a move would lead to dependence on imports from abroad.
Mr Shapps said: “What Labour foolishly and irresponsibly want to do is pursue a policy of self-harm by not taking that [North Sea] oil and gas but buying it from abroad.”
The Energy Secretary explained that even if the North Sea industry exhausted all possible contracts, production would still face a sharp decline due to the basin’s maturity and depletion of hydrocarbon reserves.
Yesterday, Prime Minister Rishi Sunak reaffirmed the government’s dedication to achieving the net zero agenda.
The Prime Minister stressed the importance of a “proportionate and pragmatic” approach to prevent excessive burdens on taxpayers.
