UK bill would end new North Sea exploration licences

The UK Government has introduced the Energy Independence Bill, which would end new North Sea oil and gas exploration licences if Parliament passes it. The legislation would remove the North Sea Transition Authority’s power to grant licences for exploring previously untapped fields, while leaving production from existing licensed areas unaffected, the Government said. Introduced on Wednesday, the bill also includes measures on household energy costs, consumer protections and clean energy. It proposes scrapping gas standing charges and moving those costs to unit prices, speeding up grid connections and giving communities a stake in some local energy projects. The legislation must pass through Parliament before it can become law. The Government estimates that Transitional Energy Certificates could allow about 60 million barrels of oil to be recovered from areas close to existing licensed fields. That estimate is a projection, not a measure of production already achieved. The Government also says 60% of gas account holders would save an average of £45 a year if standing charges are scrapped; that estimate appeared in a single account of the bill’s provisions. The bill does not...