Britain set to auction new oil licences this year

Britain is expected to publish a plan next week on how to boost domestic energy supplies to try to tackle spiralling prices and reduce the amount of imported oil and gas from Russia after its invasion of Ukraine

North Sea licensing round to be held as soon as the British government has completed its work on a new climate compatibility framework for oil and gas production.

Britain will likely run a North Sea offshore oil and gas licensing round for existing discoveries this year, a spokesperson for the country's Oil and Gas Authority (OGA) said.

The OGA, which is changing its name to the North Sea Transition Authority (NSTA), can hold the licensing round as soon as the British government has completed its work on a new climate compatibility framework for oil and gas production, it said.