The UK will mandate annual North Sea oil-and-gas licensing rounds under plans to be announced this week, as part of efforts by Prime Minister Rishi Sunak ’s government to give certainty to investors and reduce reliance on “hostile foreign regimes.”Legislation to be set out in the King’s Speech on Tuesday would require the North Sea Transition Authority regulator to invite applications to drill for fossil fuels in the North Sea each year, according to a statement issued by Sunak’s office.
