The Japan Times - The reality of restarting North Sea oil drilling

EUR -
AED 4.179607
AFN 72.258895
ALL 94.205288
AMD 419.32538
ANG 2.037333
AOA 1043.471931
ARS 1673.878652
AUD 1.646164
AWG 2.049676
AZN 1.931828
BAM 1.955918
BBD 2.296329
BDT 140.068478
BGN 1.924085
BHD 0.43002
BIF 3405.606125
BMD 1.137919
BND 1.476989
BOB 7.895478
BRL 5.920364
BSD 1.140164
BTN 107.948534
BWP 15.503938
BYN 3.202194
BYR 22303.209908
BZD 2.293039
CAD 1.616971
CDF 2577.385877
CHF 0.922079
CLF 0.026365
CLP 1037.657169
CNY 7.709175
CNH 7.735322
COP 3899.04488
CRC 517.224487
CUC 1.137919
CUP 30.15485
CVE 110.271674
CZK 24.228625
DJF 202.230987
DKK 7.475001
DOP 66.733159
DZD 152.068092
EGP 56.580855
ERN 17.068783
ETB 183.814318
FJD 2.561791
FKP 0.85899
GBP 0.86289
GEL 3.009787
GGP 0.85899
GHS 12.797775
GIP 0.85899
GMD 83.067764
GNF 9990.121794
GTQ 8.698526
GYD 238.534437
HKD 8.922706
HNL 30.504712
HRK 7.534161
HTG 149.069022
HUF 355.706046
IDR 20399.24405
ILS 3.40957
IMP 0.85899
INR 107.8111
IQD 1493.5904
IRR 1564638.450732
ISK 144.003725
JEP 0.85899
JMD 179.470074
JOD 0.806818
JPY 183.853426
KES 147.258242
KGS 99.511194
KHR 4575.854724
KMF 490.443242
KPW 1024.127384
KRW 1745.914618
KWD 0.351594
KYD 0.950158
KZT 554.603568
LAK 25248.528174
LBP 102099.879625
LKR 381.463088
LRD 207.502559
LSL 18.801338
LTL 3.359979
LVL 0.688316
LYD 7.316411
MAD 10.671146
MDL 20.072215
MGA 4763.288299
MKD 61.63521
MMK 2388.932514
MNT 4072.611663
MOP 9.207457
MRU 45.285348
MUR 54.57472
MVR 17.592561
MWK 1977.010972
MXN 20.012811
MYR 4.711558
MZN 72.710706
NAD 18.801338
NGN 1558.857449
NIO 41.952539
NOK 11.148254
NPR 172.716695
NZD 2.008275
OMR 0.437534
PAB 1.140169
PEN 3.859434
PGK 5.000325
PHP 69.924546
PKR 317.102593
PLN 4.285607
PYG 6950.390134
QAR 4.156252
RON 5.247057
RSD 117.351293
RUB 84.774961
RWF 1671.993851
SAR 4.273217
SBD 9.177362
SCR 15.231046
SDG 683.318583
SEK 11.088575
SGD 1.476194
SHP 0.849571
SLE 28.163574
SLL 23861.593974
SOS 651.636577
SRD 42.652585
STD 23552.623219
STN 24.500299
SVC 9.976604
SYP 125.77656
SZL 18.795138
THB 37.854581
TJS 10.57484
TMT 3.994095
TND 3.374904
TOP 2.739836
TRY 52.886538
TTD 7.741469
TWD 36.036527
TZS 2987.455785
UAH 51.179898
UGX 4173.252587
USD 1.137919
UYU 45.732768
UZS 13698.829126
VES 701.942638
VND 29955.714328
VUV 135.137568
WST 3.136474
XAF 655.993822
XAG 0.018439
XAU 0.000276
XCD 3.075283
XCG 2.054824
XDR 0.815849
XOF 655.993822
XPF 119.331742
YER 271.564061
ZAR 18.840509
ZMK 10242.636979
ZMW 20.453238
ZWL 366.409413
  • RYCEF

    0.2300

    18.63

    +1.23%

  • CMSC

    -0.0500

    22.11

    -0.23%

  • RELX

    0.3800

    31.21

    +1.22%

  • NGG

    0.6000

    81.57

    +0.74%

  • BTI

    1.8400

    60.74

    +3.03%

  • RIO

    -3.7800

    95.58

    -3.95%

  • BCE

    0.3900

    23.04

    +1.69%

  • RBGPF

    -0.2700

    60.34

    -0.45%

  • GSK

    1.3300

    52.07

    +2.55%

  • CMSD

    -0.1200

    21.96

    -0.55%

  • VOD

    -0.0700

    14.05

    -0.5%

  • BCC

    -0.7400

    71.8

    -1.03%

  • JRI

    -0.0200

    12.63

    -0.16%

  • BP

    -0.4500

    39.33

    -1.14%

  • AZN

    4.5900

    181.02

    +2.54%

The reality of restarting North Sea oil drilling
The reality of restarting North Sea oil drilling / Photo: ANDY BUCHANAN, ANDY BUCHANAN - AFP/File

The reality of restarting North Sea oil drilling

As the Middle East war drives up oil prices, the UK's main opposition Conservative party is urging the government to restart drilling in the North Sea -- echoing repeated calls from US President Donald Trump.

Text size:

Experts warn, however, that the proposal runs up against geological and economic realities.

- Why call for North Sea drilling? -

The Conservatives, who are heavily outnumbered in parliament, are preparing legislation aimed at removing barriers to oil and gas drilling in the North Sea, in order to facilitate access to domestic fossil fuel resources.

They echo Trump's repeated criticism of Britain's Labour government for failing to sufficiently exploit offshore reserves, even as the UK faces some of the highest energy prices in Europe.

"Go get your own oil!" Trump again urged on Tuesday in a post on Truth Social, without explicitly naming any country.

"Drilling in the North Sea and expanding other sources of generation" is the "only way we can protect families from rising bills, keep the cost of energy down for business, and control inflation," Conservative leader Kemi Badenoch wrote in a blog post.

The Labour government, meanwhile, has pledged to halt new exploration licences in the North Sea for environmental reasons, although it slightly softened its policy in November.

- What would be the impact? -

While supporters argue that restarting drilling would strengthen security and energy independence, experts interviewed by AFP emphasised major constraints for both oil and gas.

The area that "the UK has access to is a very mature, depleted basin," Tessa Khan, an environmental lawyer, told AFP.

"The productivity of that -- in terms of how much you could extract from it -- peaked in the late 1990s and it's been in decline ever since," she added.

Structural limits also apply, as production cannot immediately be redirected to domestic consumption.

"The UK is part of oil and gas international markets, and we have to remain part of these markets because we need to import," said Simon Cran-McGreehin, an analyst at the Energy and Climate Intelligence Unit, a non-profit research group.

Prices are set on these markets according to supply and demand, and the UK's low level of production has little, if any, impact on them.

"Bringing in new production takes years, which means that any new oil and gas would arrive long after the crisis has passed," the UK Energy Research Centre said in a recent briefing.

- What are the other solutions? -

The quest for energy independence has returned to the forefront since the start of the Middle East war, as it did after Russia invaded Ukraine in 2022, which sent gas prices soaring.

Two options are often put forward by experts: reducing fossil fuel consumption and significantly expanding renewables.

"The UK has one of the biggest offshore wind markets in the world," Khan said.

"We already have a backlog of renewable energy projects that are waiting for grid connections," and the timelines are potentially "much shorter" than for fossil fuel projects.

Renewables also offer stronger job creation prospects.

According to a study by Robert Gordon University in Aberdeen released last year, the workforce in the oil and gas sector could be cut in half by the early 2030s, while jobs in renewables are projected to nearly triple by 2035.

S.Ogawa--JT