• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days The United States produced more crude oil than any nation, at any time.
  • 10 days e-truck insanity
  • 5 days How Far Have We Really Gotten With Alternative Energy
  • 9 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 8 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 8 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 10 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 10 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 13 days Bankruptcy in the Industry
China Exports Gasoline Using Blockchain In Unprecedented Move

China Exports Gasoline Using Blockchain In Unprecedented Move

China’s Sinochem Energy Technology Co has…

OPEC+ Rules in an Increasingly Tight Oil Market

OPEC+ Rules in an Increasingly Tight Oil Market

The market is growing increasingly…

City A.M

City A.M

CityAM.com is the online presence of City A.M., London's first free daily business newspaper. Both platforms cover financial and business news as well as sport and…

More Info

UK Regulators Throw Fracking Industry A Lifeline

The UK fracking industry has been given a reprieve by the North Sea Transition Authority (NSTA), which has lifted an order requiring Cuadrilla to plug and abandon the country’s two remaining horizontal shale gas wells.

It has given the company until July 2023 to evaluate whether it could extract gas safely and provide an alternative energy supply from the two sites in Lancashire.

NSTA said: “The North Sea Transition Authority has looked carefully at this application, alongside recent developments, and agreed to withdraw the requirement to decommission the wells by the end of June,”

This follows the government imposing a moratorium on fracking in 2019, which was followed by orders from the NSTA to scrap the sites last month.

The latest developments reflect the shifting nature of its position amid mass volatility in the energy sector.

Following Russia’s invasion of Ukraine, Prime Minister Boris Johnson wants to ramp up domestic energy production to ensure secure supplies for consumers.

He is set to unveil the UK’s energy strategy over the coming days, which will call for a ramp-up in renewables, nuclear power, and North Sea exploration.

However, he is now also reportedly reconsidering the potential role of fracking in the UK’s energy mix.

Following the decision, Cuadrilla said it would temporarily plug the wells and consider its options.

Chief executive Francis Egan said “It is widely acknowledged that natural gas will continue to play a key role in UK energy supply for many decades to come, even as the country transitions to a Net Zero CO2 economy.  We remain convinced that the Bowland shale gas resource has the potential to be a very significant contributor to UK energy supply and in particular a source of cost-effective fuel for heating UK homes and businesses.”

ADVERTISEMENT

By City AM

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News