Jacob Rees-Mogg meets energy giants in bid to boost North Sea oil and gas supplies

Jacob Rees-Mogg has been assembly oil and gas corporations in a bid to boost North Sea supplies amid an ongoing energy disaster.

It is known that the Brexit Opportunities Minister and Liz Truss-backer held talks with energy giants together with Shell over current days, forward of a determined winter which can see energy payments spike to new data – pushed by fears of provide shortages.

Jacob Rees-Mogg can also be wanting to seal offers with corporations working in the waters of pleasant allies comparable to Norway.

There is confusion over whether or not Rees-Mogg met oil and gas corporations in his position as a Minister or as a supporter of Liz Truss – with a number of Government departments refusing to remark.

There is confusion over whether or not Rees-Mogg met oil and gas corporations in his position as a Minister or as a supporter of Liz Truss – with a number of Government departments refusing to remark.

Liz Truss’ senior crew has claimed the conferences had been arrange by civil servants, and was not linked to her marketing campaign, nonetheless it’s unclear why the Brexit Opportunities Minister can be holding the assembly as an alternative of Energy Secretary Kwasi Kwarteng or Chancellor Nadhim Zahawi.

Liz Truss – who is anticipated to be named Prime Minister subsequent month – is eager to ramp up home energy era as rapidly as attainable to safe the UK’s energy independence.

There are escalating issues of provide shortages this winter, with the Department for Business, Energy and Industrial Strategy (BEIS) factoring in doubtlessly 4 days of blackouts this winter as an excessive worst-case situation.

Wholesale costs have spiked in current weeks to new data throughout Europe, with Russia squeezing supplies into the troubled continent, reducing Nord Stream 1 gas flows to 20 per cent of capability.

Meanwhile, Ofgem has lastly unveiled the energy worth cap for October – saying that common energy payments will spike 80 per cent to £3,549 per yr in simply 5 weeks’ time.

Energy specialist Cornwall Insight predicted the cap will climb over £6,000 subsequent yr, peaking at £6,616 subsequent April.

Offshore Energies UK described the continuing talks as a “responsible action by what could be an incoming administration to consult with the energy industry at a time of crisis.”

The business physique will publish a brand new financial report subsequent week revealing that the UK continental shelf nonetheless accommodates as a lot as 15bn barrels of oil – sufficient for 15 years of home consumption, greater than earlier forecasts suggesting there have been eight years of supplies left.

However, additional North Sea oil and gas exploration requires a contemporary licensing spherical, which relies on defining new local weather rules.

The licensing is anticipated this winter, however no date has been established, with course of being delayed amid the management election.