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New oil and gas doesn't buy energy security, analysis shows

GOVERNMENT claims that hundreds of new oil and gas licences deliver energy security don’t stand up to scrutiny, new analysis has confirmed.

An Energy and Climate Intelligence Unit (ECIU) study has found that opening up more than 100 new fields in the North Sea and to the west of Shetland would only supply around 1 per cent of fuel to UK refineries for domestic use.

In July, Prime Minister Rishi Sunak had leant heavily on the war on Ukraine and energy security concerns to justify his support for new licences.

He said: “Now more than ever, it’s vital that we bolster our energy security and capitalise on that independence to deliver more affordable, clean energy to British homes and businesses.”

However, ahead of a crucial Commons vote on the new licences today — which has already sparked a by-election after the resignation of former Tory energy secretary Chris Skidmore — ECIU analysis shows that developments such as Rosebank would make little difference.

Durham Energy Institute fellow Professor Gavin Bridgeat said: “The notion that more drilling on the continental shelf boosts our energy security doesn’t stand up to scrutiny.

“Most of the oil is extracted by private or foreign state-owned companies over which the government has little control.”

ECIU’s Dr Simon Cran-McGreehin said: “New licences are a distraction from policies that would have a real, lasting impact on the UK’s energy independence.

“Oil from new fields such as Rosebank will be traded internationally — as the government has admitted.

“This oil is not earmarked for the UK and it won’t make any real difference to UK prices.”

The Department for Energy Security and Net Zero said: “With energy markets becoming more unstable, it makes sense to make the most of our own homegrown advantages in the North Sea.”

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