Britain's estimates of untapped resources in the North Sea have increased, leading to the approval of more offshore projects for 2013. According to OilPrice.com, 28 new oil and gas offshore projects will be approved.
The source reported British Secretary of State for Energy and Climate Change, Ed Davey, announced the country could meet 70 percent of oil and gas demands until 2040 by exploring new offshore developments. Interests in investments of oil and natural gas projects are increasing every year. Davey said the level of investments supported in 2010 was 10 times the amount that was invested in the previous year.
The British economy, OilPrice.com reported, will benefit from the new offshore projects as it can turn to a growing production of oil and natural gas domestically.
“With 20 million barrels or more still to be drawn from the U.K.'s North Sea fields, having an indigenous source helps prevent over-reliance on imports from more volatile parts of the world,” Davey said, UPI reported.
Britain had 29 approved oil and gas projects in 2012, according to UPI.