Britain balancing oil decline and clean energy goals
Britain’s shift to clean energy is complicated by falling oil production and the potential loss of 120,000 jobs tied to the North Sea's oil and gas industry.
Stanley Reed reports for The New York Times.
In short:
- Britain’s oil production has fallen from 3 million barrels per day in the late 1990s to 715,000 barrels in 2023.
- The government faces pressure to phase out oil while protecting jobs and maintaining energy security.
- Investment in the North Sea has dropped from $27 billion in 2014 to $4.8 billion in 2024 due to tax policies and uncertainty.
Key quote:
“Who wants to take long-term investment decisions where we’re not sure whether or not we will be able to meet the environmental requirements, or that the fiscal regime will be suitable?”
— David Latin, chairman of Serica Energy
Why this matters:
Britain’s clean energy transition risks significant job losses in the oil and gas sector unless alternatives like offshore wind can ramp up quickly. Navigating this shift is essential to balancing economic stability with climate goals.
Related: The world sets new record for fossil fuel use in 2023
