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Liz Truss pledges to green-light oil and gas drilling licenses if elected Tory leader

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Liz Truss vows to green-light oil and gas drilling licenses if chosen as next Tory leader

  • The Tory frontrunner believes it will help boost UK energy security
  • Allies Kwasi Kwarteng and Jacob Rees-Mogg Want to Maximize Domestic Production
  • Gas and oil companies are encouraged to invest in existing sites before the winter
  • The North Sea is said to contain the equivalent of 15 billion barrels of oil and gas

The Tory frontrunner will give the green light to a series of oil and gas licenses in the North Sea if elected next week – in a bid to bolster the UK’s energy security.

Both Kwasi Kwarteng and Jacob Rees-Mogg — allies of Liz Truss who remain in the cabinet — hope to maximize domestic production while getting more gas from Norway.

If chosen, Miss Truss will likely invite drilling permit applications to explore new fields — possibly up to 130, according to The Times.

In addition, gas and oil companies will be encouraged to invest heavily in their existing locations to optimize production for the winter.

Liz Truss gives green light to a series of North Sea oil and gas licenses if elected next week – in a bid to bolster UK energy security

The North Sea contains the equivalent of about 15 billion barrels of oil and gas, according to the latest estimates, with UK consumers equivalent to one billion barrels a year.

Miss Truss has already ruled out a new Windfall tax on energy companies, suggesting the idea was “all about bashing business.”

Last week she wrote in the Daily Mail that she will end the fracking ban as part of a plan to make the UK a ‘high-energy dynamo’.

Mr. Kwarteng, who has been tipped off as Miss Truss’ potential chancellor, has long been a supporter of North Sea drilling, much to the chagrin of environmentalists.

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