The Business Drill baby drill? The new battle for the North Sea
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Mar 27, 2026 Chris Wheaton, energy analyst with 20+ years in oil and gas, and Tessa Khan, environmental lawyer and campaigner, debate the North Sea’s future. They tackle renewed calls for drilling, how licences and taxes shape investment, and whether UK production can shield consumers from global shocks. Expect sharp clashes on climate limits, jobs, and who truly benefits.
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North Sea Production Has Dramatically Declined
- North Sea output has fallen from its 1980s peak to just 1.1 million barrels a day last year, making the UK a net importer of energy.
- Dominic O'Connell and Emma Powell note the basin once supplied 5% of GDP and 10% of tax revenue, but now supports a much smaller slice of the economy.
Most Exploration Is Already Complete In The Basin
- Exploration largely done: 3 billion barrels are forecast to be produced to 2050, plus ~4 billion already discovered that could be developed.
- Chris Wheaton explains licensing, development, production, then decommissioning and tax/rebate mechanics.
Use Diversified Energy Mix For Security
- Adopt an 'everything everywhere all at once' energy strategy combining domestic production, imports and renewables for resilience.
- Chris Wheaton argues domestic North Sea output reduces LNG dependence, supports jobs, and keeps more spending in the UK economy.