- Analytics
- News and Tools
- Market News
- UK PM Truss to scrap fracking ban, help ease energy crisis
UK PM Truss to scrap fracking ban, help ease energy crisis
Amidst the deepening energy crisis, Britain's new Prime Minister Liz Truss is considering plans to grant 'dozens' of new North Sea oil and gas exploration licenses, Reuters reported, citing unnamed sources.
The UK government is seeking to lift domestic production to help ease the country's energy crisis.
Additional details
It typically takes between five to 10 years from initial exploration until oil and gas is produced from a field.
The exact number of new licences was still to be confirmed.
It could be as many as 130.
Announcement could come as soon as Thursday.
Britain's last offshore licencing round was in 2020.
Meanwhile, the UK Telegraph also reported that the country's fracking ban will be removed on Thursday, September 8.
Market reaction
Despite the government’s efforts to curb soaring energy costs, GBP/USD is struggling to extend its recovery.
At the time of writing, the pair is trading at 1.1507, down 0.15% on the day, retreating from a daily high of 1.1541.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
