Brexit and the UK oil and gas industry
Oil & Gas UK provides evidence-based insights on behalf of our members to a range of stakeholders that includes both the Westminster and Holyrood governments and parliaments, the media and internationally. Through our research, and soundings taken of our membership, we know that the top priorities for the UK oil and gas sector post-Brexit include:
- Protecting the offshore industry from future EU regulatory changes: As the largest EU producer of offshore oil and gas, the UK takes a leading role at the EU decision making table in support of our industry. Future changes to regulations or directives by EU institutions could negatively impact the UK oil and gas industry even after Brexit. Therefore, Oil & Gas UK is asking the Government to ensure there is a mechanism in place that provides support to the UKCS in relation to future EU rules.
- Maintaining a strong voice in Europe: Whether the UK participates in any future EU Governance framework or not, a forward-looking European energy policy needs to recognise that oil and gas will remain a key part of both the UK and the EU’s energy mix for decades to come.
- Minimal friction between the UK and EU: Although the UK’s oil and gas sector has a global reach, it has a significant and valuable supply chain that sources much of its’ goods and services from the EU. Our industry needs certainty and predictability to deliver its operations safely and efficiently and as such, ensuring the efficient and frictionless movement of goods, services and capital must remain a priority.
- Protecting energy trading and the internal energy market: The internal market has provided significant benefits to the UK in terms of competitiveness and security of supply. After Brexit, it will be essential to maintain the commercial and regulatory integrity of any new internal energy market spanning the EU and UK.
- Protecting our licence to operate: Meeting the future energy needs of Europe while tackling climate change is important and any forward-looking energy policy needs to recognise that oil and gas will remain a key part of both the UK and the continent’s energy mix for decades to come.