Conservatives Plan to Lift North Sea Oil and Gas Regulations

The leader of the Conservative Party, Kemi Badenoch, has pledged to eliminate all net zero requirements for oil and gas companies operating in the North Sea if her party is elected. Badenoch is set to formally announce this policy shift during a speech in Aberdeen on Tuesday, aiming to focus on “maximising extraction” of natural resources. The plan aims to extract “all our oil and gas out of the North Sea,” which marks a significant departure from current environmental commitments.

The Conservative proposal comes amid contrasting positions on energy policy within the UK. The Labour government has committed to banning new exploration licenses, arguing that a “fair and orderly transition” away from fossil fuels is essential for economic growth. A government spokesperson emphasized that exploring new fields would neither reduce energy bills nor enhance energy security, warning that it would “accelerate the worsening climate crisis.”

Badenoch’s recent comments indicate a shift in Conservative climate policy. Earlier this year, she asserted that achieving net zero by 2050 would be “impossible.” This target has been a commitment of successive UK governments, enshrined in law by former Prime Minister Theresa May in 2019. The net zero policy mandates that the UK reduce carbon emissions to the point where it removes as much carbon as it produces, aligning with the 2015 Paris Climate Agreement.

Badenoch pointed out that existing requirements aimed at achieving net zero create burdens for oil and gas producers in the North Sea, which she believes are detrimental to the economy. She plans to remove obligations related to emission reductions and the development of carbon storage technologies.

In her view, it is “absurd” for the UK to leave “vital resources untapped” while neighboring countries, such as Norway, continue to extract from the same seabed. In 2023, then-Prime Minister Rishi Sunak granted 100 new licenses for drilling in the North Sea, stating that this move was “entirely consistent” with net zero commitments.

The opposition party, Reform UK, has echoed calls for increased fossil fuel extraction, pledging to abolish the current push for net zero if elected. In contrast, the Labour government highlights its significant investments in renewable energy, stating it has made the “biggest ever investment in offshore wind” and established three pioneering carbon capture and storage clusters.

Carbon capture and storage technology aims to prevent carbon dioxide (CO2) emissions from industrial processes and power stations from entering the atmosphere. This approach involves capturing CO2, transporting it, and storing it deep underground, which organizations like the International Energy Agency and the Climate Change Committee view as critical for meeting greenhouse gas reduction targets.

As discussions on energy policy unfold, the implications of Badenoch’s proposals on both the economy and the environment remain to be seen. With the next general election on the horizon, the Conservative Party’s approach to energy extraction will undoubtedly be a focal point in the ongoing political discourse.