Rishi Sunak, UK finance minister
Market takes heart from UK government’s North Sea commitment
Renewed backing for project sanctions boosts UKCS mood
UK finance minister Rishi Sunak laid out in early February the Johnson administration’s most unequivocal public backing for continued UK continental shelf (UKCS) drilling. And this, combined with as-yet unsubstantiated press rumours that Sunak is leaning on the energy ministry to fast-track projects in the permitting stage, has already lifted the spirits of the country’s upstream industry. “There are £11bn-worth of projects waiting to get going. I would like to see those projects go ahead, which will be good for the country’s energy security, good for our economy and good for jobs,” Sunak told the UK lower house on 3 February, citing 200,000 jobs supported by the oil and gas industry. “I kno
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The March 2026 issue of Petroleum Economist is out now!
