The dependency on Russian oil and gas need to be reduced and the Western allies have started finding ways amid the painful process. Several countries including the United Kingdom have confirmed phasing out energy imports following the Russian invasion of Ukraine.
Russia is currently facing several sanctions including a ban on imports of oil and gas as well as the removal of Russian banks from the international SWIFT payment systems. Business Secretary Kwasi Kwarteng said lately to be phasing out oil imports gradually and ramping up the sanctions on Russia.
Addressing the House of Commons, the secretary said it is a call for bolstering the renewables in the country and more investment is required in the North Sea gas and oil production.
About three-fourths of the energy supply is dependent on oil and gas while data reveals just 47 percent of the gas is produced from the North Sea's continental shelf. It helps in meeting the requirement of 40 percent of the overall energy in the country. Kwarteng said further exploration is required.
Late last year, the OPRED blocked the development plan of Shell at the Jackdaw field and summit leader played down the North Sea exploration role at the Glasgow climate conference. Similarly, the Cambo field is in limbo as Shell pulled itself out of the project.
Meanwhile, the Clair South field of BP and Rosebank field of Equinor are waiting for the kickstart of production amid the uncertain future of Cambo. The Russian invasion of Ukraine has now changed the scenario.
According to analysts, UK politicians are currently refining their moods and messages. They are talking about the energy transition. They are working on the preservation of energy security when the world is equipped with geopolitical uncertainty. For the past several years, the North Sea gas and oil has been on the downfall.
A call is being made for new projects to sustain the oil and gas industry along with securing the supplies of green energy. It is estimated eight new fields could start this year.
The Russian invasion of Ukraine started on February 24 and the conflict has entered the second month with no sign of successful peace talks. To generate pressure on Russia to stop the war, several countries including Western allies have imposed various sanctions including a ban on the imports of Russian energy and the removal of Russian banks from the international SWIFT payment systems.
Europe is currently facing a shortage in the supply of oil and gas due to extreme overdependence on Russia for the requirement earlier. Inflation is on the rise and people in many countries are witnessing soaring prices of essential goods.