A big response is expected from oil and gas companies when the UK's 33rd offshore licensing round is officially launched later today.
The North Sea Transition Authority (NSTA) is inviting applications from firms wanting to explore and develop 898 blocks and part-blocks.
Acreage is being offered in the West of Shetland, northern North Sea, central North Sea, southern North Sea and East Irish Sea.
The application period will run until January 12 and it is expected that the first licences will be awarded from the second quarter of 2023. It is anticipated that more than 100 licences will be awarded.
The last round launched three years ago resulted in 113 licences for 65 companies.
Mike Tholen, acting chief executive of industry body Offshore Energies UK, said: "The UK gets 75% of its total energy from gas and oil, so producing our own reduces our vulnerability to global shortages.
No conflict
"There is no conflict between issuing new licences and reaching carbon neutrality. Our industry is committed to net-zero and also to helping build the low-carbon energy systems of the future. But this is a journey that will take decades during which we will still need gas and oil.
"Many existing UK oil and gas fields are in decline, so the risk is that production will drop much faster than demand - leaving us more dependent on imports. That is why new licences are so important.
"New licences also help maintain continuity for the energy operators and for our vital supply-chain companies which, between them, employ over 200,000 people.
"The success of this and the next licensing rounds will be vital for our nation's long-term energy security and to ensure we deliver on the UK's commitment to reach net-zero by 2050."
Business and Energy Secretary Jacob Rees-Mogg said Russia's illegal invasion of Ukraine means it is now more important than ever that Britain makes the most of its energy resources, strengthening energy security now and into the future.
He added: "Ensuring our energy independence means exploiting the full potential of our North Sea assets to boost domestic production - recognising that producing gas in the UK has a lower carbon footprint than importing from abroad.
Launch welcomed
"That is why we welcome the launch of the NSTA's new licensing round, which will help support highly-skilled jobs across the UK's energy industry, boosting both our energy security and our economy."
Andy Samuel, the NSTA chief executive, said security of supply and net-zero should not be in conflict.
He went on: "The industry has committed to halving upstream emissions by 2030 and investing heavily in electrification, carbon storage and hydrogen. Signs are promising so far - our first carbon-storage round closed last month with 26 applications from 19 companies across all the areas we offered."
- Meanwhile, a new report is claiming that exploiting new oil and gas fields is "radically at odds" with the UK's commitments to fighting climate change.
But the UK Government said what was being alleged by US-based Global Energy Monitor was "unfounded speculation".
"The Government remain fully committed to the legally-binding target of achieving net-zero greenhouse gas emissions by 2050," a spokesperson told the BBC.