Key Facts

• The Rosebank and Jackdaw oil fields were approved by the previous government but are under legal challenge due to environmental concerns.
• Consultations on these projects are ongoing and will close in August.
• Labour’s 2024 manifesto promised to ban new oil and gas exploration licenses, a policy already put into effect by the current Energy Secretary.
• “Tie-backs” allow production near licensed areas but do not count as new licenses.
• Large oil companies have been selling North Sea assets to smaller firms focused on extracting existing supplies rather than exploring new areas.
• The Energy Profits Levy (a windfall tax) currently takes 78% from oil profits regardless of price, which the industry says discourages investment.
• This levy will be replaced in 2030 by a tax that only applies when prices are high.
• Changing or scrapping this tax is seen as a key move to attract more investment and support jobs, and may be a major decision for Burnham.