UK PM Truss to scrap fracking ban, help ease energy crisis

Amidst the deepening energy crisis, Britain's new Prime Minister Liz Truss is considering plans to grant 'dozens' of new North Sea oil and gas exploration licenses, Reuters reported, citing unnamed sources.

 The UK government is seeking to lift domestic production to help ease the country's energy crisis.

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It typically takes between five to 10 years from initial exploration until oil and gas is produced from a field.

The exact number of new licences was still to be confirmed.

It could be as many as 130.

Announcement could come as soon as Thursday.

Britain's last offshore licencing round was in 2020.

Meanwhile, the UK Telegraph also reported that the country's fracking ban will be removed on Thursday, September 8.