From the North Sea oil fields, examine the differing oil and gas policies of Norway and the UK—and their consequences

Current legislation has severely damaged the UK’s oil and gas industry while simultaneously casting its future in profound uncertainty. On October 5, 2025, industry expert Felicity Bradstock published an article titled 'The Uncertain Future of the UK’s Oil and Gas Industry' on the website OilPrice.com, detailing this situation. Bradstock notes that the Labour Party is raising taxes and environmental standards for North Sea oil and gas while refusing to issue new licenses—yet insists hydrocarbons will remain part of the UK’s energy mix. Meanwhile, Wood Mackenzie research indicates the UK North Sea may still hold up to 14 billion barrels of recoverable oil and gas—far exceeding the regulator’s estimate of 4 billion barrels—intensifying debate over future drilling. The government is pushing a 'just transition' toward renewable energy, whereas the Conservative Party has pledged to scrap net-zero targets and maximize North Sea extraction. Since coming to power in 2024, the UK’s Labour government has prompted widespread questions about whether oil and gas production will continue—or whether the country will pivot entirely to renewables. Since taking office, Prime Minister Starmer has imposed stricter taxes on fossil fuel companies, yet he has also affirmed that oil and gas will remain part of the UK’s energy mix 'as long as it makes sense'—rendering the investment climate in the UK North Sea increasingly ambiguous. In June 2025, the UK government introduced stricter environmental regulations for fossil fuel companies operating projects in the North Sea. Oil and gas firms must now account for emissions generated by using or flaring produced fuel. Although existing North Sea oil and gas projects may proceed (albeit under higher tax burdens), the UK government has declared it will issue no new oil and gas licenses, signaling a sharp departure from the previous Conservative administration’s robust support for the UK’s oil and gas sector. Oil and gas companies operating in the North Sea currently face a tax rate of approximately 78%, including the Energy Profits Levy introduced in 2022. During a recent visit to the UK, U.S. President Trump highlighted the country’s oil and gas potential. He said: 'You have a great asset here—we’ve talked about it: it’s called the North Sea.' To Starmer, he added: 'The North Sea oil is very rich… I hope this country does very well, and I believe, under this Prime Minister’s leadership, you’ll start utilizing these tremendous assets.' He noted that his pro-fossil-fuel agenda in the U.S. helped lower fuel prices and curb inflation. In response, Starmer stated that the Labour government intends to maintain a pragmatic approach to the nation’s future energy mix—continuing to use North Sea oil and gas as needed—and emphasized the importance of lowering consumer energy costs. Starmer said: 'This mix will include oil and gas from the North Sea for many years to come—we’re quite clear on that—but we must also combine it with renewables, and that combination is what truly matters.' Nonetheless, some argue the government should more vigorously support the UK’s oil and gas sector, given the North Sea’s enduring potential. Research firm Wood Mackenzie recently estimated that recoverable oil and gas reserves in existing North Sea fields could reach as high as 14 billion barrels—triple the 4-billion-barrel figure estimated by the UK’s North Sea Transition Authority (NSTA).

Full transcript (text-only, no video) of the 50-minute meeting between Zelenskyy and Trump at the White House on February 28, 2025, which ended in breakdown

Zelenskyy: No, no—you really need to visit Ukraine yourself. We still have many wonderful cities. Yes, much has been destroyed, but most cities are still functioning: people are working, children are attending school. Sometimes it’s extremely difficult; sometimes, children closer to the front lines must attend underground schools or study online—but we are alive. Ukraine is fighting, Ukraine is living—and that is critically important. Perhaps it’s precisely Putin who has spread misinformation claiming he has destroyed us. He has lost 700,000 people—he’s lost 700,000 soldiers—and lost everything, yes. Trump: Please go ahead. Reporter: When was your most recent phone call with Putin? What did you discuss with him? Trump: A few days ago. Reporter: What did Putin say to convince you he wants peace? Trump: I’ve spent my entire life making deals—I understand these matters deeply. I’ve known them for a very long time; I’ve dealt with them for decades. He had to endure 'Russiagate'—you know, 'Russia, Russia, Russia'—a total hoax, all engineered by Biden, nothing to do with Putin. So he had to bear all that, and he managed to do so. I believe he wants a deal; he wants this to end. That’s what I do—that’s what I’ve always done: make deals. I’m in the middle of a mess—this is truly chaotic, extremely dangerous. If it isn’t resolved now, this war will drag on indefinitely—it won’t stop on its own. So I hope we can resolve it. Next reporter, please. Reporter: Thank you, Mr. President. UK Prime Minister Starmer repeatedly claims his government believes in freedom of speech and does not engage in censorship—yet his government arrests people for thought crimes and speech offenses. Worse still, he pressures U.S. companies to censor Americans. How can someone who openly makes demonstrably false and misleading statements on such a vital issue be considered a reliable, trustworthy partner? Trump: Actually, we discussed this issue with him yesterday—and we believe they’ve gone too far. Vance took a very strong stance on this, as did I—and so did Marco. We’ve been discussing it with him continuously. Marco, would you like to add something? Marco: Clearly, we have concerns about this behavior—especially regarding its impact on Americans. The real concern is that statements posted online by Americans could fall under the jurisdiction of the UK—or any other country. This was a point raised by the Vice President in Munich, and I think it’s a highly compelling issue. What binds us to Europe—more than anything else—is shared values, and freedom of speech is one of them. Therefore, if Americans are threatened, we will take action on this front. Trump: This is actually a very important issue. Vance: Yesterday, during lunch, we discussed this matter in detail with the UK Prime Minister, the UK Foreign Secretary, and other officials. I know the Commerce Secretary followed up on this topic last night during a private meeting. This truly matters. We believe Americans have the right to express their opinions—even if those present disagree with them. They have the right to speak freely in the public sphere, which today usually means online.

Trump says he spoke with UK Prime Minister, discussed oil

1 day ago

US President Donald Trump stated he primarily discussed opening North Sea oil production during a call with UK Prime Minister Andy Burnham, noting recent field approvals.

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