LONDON – The UK will emphasize domestic oil and gas production rather than onshore wind farms as the government seeks energy security ahead of reduced carbon emissions.
Queen Elizabeth II made the announcement in Parliament as part of the Energy Bill, reports Bloomberg.
Included in the Bloomberg coverage is a notice that the draft law outlines plans for the government to hand over powers to the Oil and Gas Authority, making it an independent regulator.
“Given the right business conditions which promote investment, the U.K.’s oil and gas industry can continue to supply a significant proportion of our needs to 2020 and beyond,” the government said in a written statement. One main benefit of the bill is in “maximizing the economic recovery of offshore oil and gas reserves, prolonging the life of the basin, and helping to ensure our energy security.”