Tag: North Sea

UK Moves to Ban New North Sea Oil and Gas Licenses Permanently – UK Deindustrialization and further fiscal failure on the horizen

Clark Savage591

The UK government has confirmed it will introduce legislation to permanently ban new North Sea oil and gas exploration licenses, embedding Energy Secretary Ed Miliband’s existing moratorium into law through the Energy Independence Bill. The move, announced in the King’s Speech on 13 May 2026, fulfills a core Labour Party manifesto pledge to position Britain […]

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No New North Sea Oil Wells for First Time Since 1960s: Labour’s Crackdown on Oil and Gas Industry Blamed for Collapse of Exploration in UK Waters

Clark Savage95

In a stunning blow to the UK\’s energy sector, 2025 is set to mark the first year since 1964 without any new exploratory oil wells being drilled in the British North Sea. This is yet another example of bad management and energy policies. According to a Westwood Global Energy survey, no offshore exploration wells have […]

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UK Government Policies: Taxes, Bans, and Accelerated Decline and Fiscal Collapse 

Clark Savage70

Under the Labour government, North Sea operations face a barrage of measures that critics argue are deliberately stifling investment and production. A 78% tax rate on offshore profits, including a prolonged windfall tax introduced in 2022, has shattered investor confidence and led to slashed capital expenditures. Operators have cut UK investments, with production projected to […]

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