UK Draws More Than 100 Bids for New Oil, Gas Sites in North Sea
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The UK drew 115 bids from 76 companies to lease areas of the seabed to look for oil and gas resources, the North Sea Transition Authority said in a statement on Tuesday.
The leases are the first step in a years-long process to potentially develop new fossil fuel resources in the UK. The government has touted this leasing round as a key tool to improve energy security after Russia’s invasion of Ukraine, even as the country transitions away from dependence on burning fuels that contribute to climate change.