UK lawmakers are considering a ban on new oil exploration licenses in the North Sea as they move away from fossil fuels, which could hurt the move and the Scottish economy, The Telegraph reports.
According to the newspaper report, the UK is considering options for expiration of permits in 2040 and options for immediate suspension of licensing. It is also possible that there will be no change.
The UK has net-zero greenhouse gas emissions targets by 2000 and is looking for renewables for growing energy.
Oil production from the North Sea has declined since the turn of the century as fields grew. Nevertheless, the region is important for Scotland’s tax revenue and job creation. Some products from the region determine the global Brent benchmark price.
According to the Telegraph, about 39% of the 270,000 jobs that the oil industry employs in the UK are in Scotland.
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