Interesting times ahead for Labour and their O&G policies. One of their "First Steps for Change" is to set up Great British Energy and make Britain a Clean Energy Superpower. Labour needs the Windfall Tax revenue to establish and run Great British Energy.
https://labour.org.uk/wp-content/uploads/2024/03/Make-Britain-a-Clean-Energy-Superpower.pdf
Labours commitments in the policy document to O&G include
- North Sea oil and gas will continue for decades to come
- We will not revoke licences
- to not handout new licences to explore new oil and gas fields
- We will act to ensure continued investment in our offshore infrastructure and workforce
One way forward for Labour would be they win on increasing EPL to 78%, win on extending EPL by a year and win by not handing out new licenses. The one concession they need to make if they are "to ensure continued investment in our offshore infrastructure" is to not remove the current Investment allowance. If that occurred HHR/RR could likely move the project forward.
Interesting times ahead for Labour and their O&G policies. One...
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