UK’s North Sea Oil ‘Treasure Chest’ Risks Becoming a Missed Opportunity: Analysts

Analysts warn the UK’s North Sea freeze may backfire, raising costs and driving investment abroad.
UK’s North Sea Oil ‘Treasure Chest’ Risks Becoming a Missed Opportunity: Analysts
A view of the Johan Sverdrup oilfield in the North Sea, off Norway, on Jan. 7, 2020. Carina Johansen/NTB Scanpix/via Reuters
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A combination of restrictive licenses, tax hikes, deepening investment uncertainty, and lack of political support for the oil and gas industry leaves the North Sea—a vital national asset for the UK—at risk of becoming a stranded opportunity, according to industry analysts and energy companies.

During his visit to Scotland last week, President Donald Trump described the oil and gas reserves in the North Sea as a “treasure chest” that the UK should urgently unlock.
Evgenia Filimianova
Evgenia Filimianova
Author
Evgenia Filimianova is a UK-based journalist covering a wide range of international stories, with a particular interest in foreign policy, economy, and UK politics.