Is the UK Taxing North Sea Oil and Gas Out of Existence?

There is still plenty of oil and gas left in the UK’s North Sea. However, the industry needs a more favorable legislative context to get motivated to extract these. As things are, it seems unlikely that will happen any time soon. The update about North Sea hydrocarbon resources comes from Wood Mac amid a strong push by the new Labour government in the country to decimate local oil and gas production, recently prompting warnings that this could increase the UK’s reliance on imported hydrocarbons. That reliance is already increasing because...