North Sea oil and gas: what does the new licensing scheme mean?

Why Rishi Sunak signalled changes in the king’s speech – and whether it will result in lower bills

The government has confirmed its plans to grant new North Sea oil and gas licences every year at the opening of parliament, deepening a political fault line between the Conservatives and Labour, and angering environmental campaigners who argue it undermines efforts to reach net zero. Here, we examine the move.