What’s at Stake for UK North Sea as Labour Government Sets Out Its Energy Policy
- Prime Minister Starmer has promised to stop new oil licenses
- Move raises questions about energy security, carbon emissions
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The UK’s newly elected Labour government has laid out its plans to boost clean energy, but questions remain about the future of North Sea oil and gas.
Petroleum production in the waters between the UK and Norway peaked some 20 years ago, with no prospect of getting back to previous highs regardless of government policy. Yet the offshore industry still supports more than 200,000 jobs and adds billions of pounds to the nation’s GDP, giving it serious economic weight even in its twilight years.