Rishi Sunak will announce a multi-million investment in Britain’s energy industry that will create up to 21,000 jobs.
The Prime Minister is visiting Scotland to confirm new plans for carbon capture storage to help the sector tackle polluting emissions.
There is also speculation he will announce new North Sea gas and oil exploration just a month after Labour announced it was opposed to new licences.
Energy Minister Lord Callanan indicated the government is poised to grant permission.
“The reality is… there is a requirement in the UK for oil and gas,” he told Times Radio.
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“It makes sense to get as many of our resources from our own continental shelf, which employs tens of thousands of people in the UK and of course raises billions of pounds for the Exchequer. It makes no sense to import that we can get it from our own resources.
“We have to wait for the announcements. But in theory, yes, if we can get the resources that we would otherwise be importing from our own supplies in the North Sea that employs British people, that raises money for the UK exchequer and is actually less carbon intensive than importing that through methods like Liquid Natural Gas.”
The Prime Minister will meet key figures in the energy sector and visit “critical infrastructure projects” that will boost the economy and generate new jobs.
Mr Sunak is due to announce millions of pounds in funding for the Acorn carbon capture project in Aberdeenshire, a joint venture between Shell UK and other companies.
The Government is expected to highlight efforts to “boost the capability” of the North Sea industry in the transition to net zero, with Downing Street describing Scotland as the “cornerstone” of its energy plans.
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Climate campaigners have criticised the possibility of new licences for oil and gas exploration in the North Sea.
A decision is expected soon on whether to approve the development of Rosebank, 80 miles north-west of the Shetland Isles, which is believed to be the UK’s largest undeveloped oil and gas field.
The Government has argued that securing the country’s energy security is vital following the Russian invasion of Ukraine.
Shadow trade secretary Nick Thomas-Symonds said the Conservatives had failed to secure the country’s energy security.
He added: “We’ve said yes, we would not grant any new licences as a Labour government, but we will honour, and it is really important that we do this for business certainty and indeed for jobs, we will honour the fields that are already open.
“There is a field, the Rosebank field, in which I would expect the Government to make a decision on fairly soon. If that goes ahead, we will honour it so those jobs will be safe in the North Sea on that, but we are also going to have a clean energy sprint by 2030.”
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