A view of the Johan Sverdrup oilfield in the North Sea, off Norway, on Jan. 7, 2020. Carina Johansen/NTB Scanpix/via Reuters
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.
