Contractors working in the oil and gas industry are celebrating the news that the Government is approving the creation of six additional oil and gas fields in the North Sea.

It has been reported that the Chancellor Rishi Sunak has pressed Business Secretary Kwasi Kwarteng to fast-track the licences for their construction, over fears of energy security and the economic impact of reliance on foreign fields.

While Boris Johnson and his Government have been criticised for the move because of the UK’s pledge to be a net-zero carbon emitter by 2050, the move has been widely welcomed by the industry.

Although the nation has plans to move to greener forms of energy in future, it is understood that the Treasury is concerned about the economic impact of making the switch to renewables.

Under the plans, the Oil and Gas Authority will be giving the green light to open new wells in six new areas, beginning in the Rosebank field, to the west of Shetland, and at Jackdaw, Marigold, Brodick, Catcher and Tolmount East in the North Sea.

It is thought that these new drilling sites could yield 62 million tonnes of oil-equivalent fuel, which could power the whole of the UK for up to six months.

The move is likely to create new jobs and contracts within the sector at a time of some uncertainty and so it has been welcomed by the British oil and gas industry.