Reabold Resources is granted permission to start the drilling work in Yorkshire and search gas near the Hull area. The green signal came from the East Riding Council of the county and it is believed a good volume of oil and gas can be extracted onshore.
The United Kingdom government is currently focusing more on bolstering the country's energy industry to reduce the dependency on imports due to the Russian invasion of Ukraine.
The Russia-Ukraine conflict has exacerbated the energy crisis and a new strategy with respect to energy security is expected to be unveiled soon. It is believed the government may include some new commitments in the new policy to resources including that of the North Sea.
About Reabold Resources
Reabold Resources was founded in 1988 as Adventis Group plc. It was renamed to current identity in December 2012 and is based in London, UK. It deals in global investment opportunities natural energy resources segment. It seeks exploration as well as production of oil and gas projects.
The company acquired bChannels in 2010 for 4,500,000 and Second2 in 2008 for 10,500,000. It went public in July 2004.
Russia-Ukraine War Impact on Oil and Gas
The UK government lately urged all the countries to stop importing oil and gas from Russia as the money is directly funding the war machine of the Russian government. British spokesperson said the PM respects the individual position of all the countries but seeks broadening of a coalition of countries in support of Ukraine.
Meanwhile, the UK PM Boris Johnson is in talks with the UAE and Saudi Arabia leaders to create an international coalition and reduce dependence on Russian oil and gas.
Russia has offered India to buy oil and gas at a discounted price and the deal has been initiated with the initial import. White House said it is not a violation of the United States sanctions on Russia, but countries need to think over their stands amid the ongoing invasion of Ukraine.
Press Secretary added further that supporting Russia with imports of oil and gas means supporting its invasion of Ukraine.
The West and its allies have imposed several sanctions on Russia including removing the Russian banks from SWIFT payment systems and ban of imports of Russian oil and gas.
Russia's invasion of Ukraine was initiated on February 24 and the conflict has stepped into the fourth week in a row. The Russian forces have launched several devastating attacks in Ukrainian cities including the capital Kyiv. Hundreds and thousands of people have left the country, taking shelter in neighboring countries including Poland.