Overview
- Labour’s ban on new North Sea exploration remains in place, with Energy Secretary Ed Miliband yet to decide on the Jackdaw gas field and the Rosebank oil field as Chancellor Rachel Reeves signals she would be very happy to support those projects.
- Unite and GMB leaders urged a shift, with Unite’s Sharon Graham calling the new‑licence ban an act of self‑harm and warning Labour could pay a price with voters if it does not back more drilling.
- Investment bank Stifel estimated the UK saved about £2.5 billion in 2025 by using domestic offshore gas instead of importing liquefied natural gas, and it expects larger savings in 2026 after global LNG prices jumped during the Iran conflict.
- Industry figures say reforming the Energy Profits Levy, the windfall tax on oil and gas profits, could unlock about £17.5 billion in projects by 2030, while accusing Rachel Reeves of pausing planned changes after prices spiked.
- Reform UK vowed to approve Jackdaw and Rosebank, scrap the windfall tax and back fracking, and fresh YouGov polling shows a plurality of Scots oppose the current ban and a narrow majority prioritize continued extraction over net zero targets.