With the recent failures of the UK government to pass a deal for leaving the European Union next month, a general election this summer seems possible, despite both the Prime Minister and the Home Secretary ruling out a snap contest in June. If there were to be a general election soon, what would it mean for the UK oil and gas industry?
The Labour party’s energy policy is largely based on a mix of renewables, nuclear, green gas, carbon capture and storage and coal in order to “put the country back on track to meet the targets in the Climate Change Act and the Paris Agreement”.
However, Labour recognizes that the oil and gas industry is likely to play a major role in the country’s energy mix for the next 15-20 years, at least, and the party is planning a strategy to protect vital North Sea assets and the jobs that depend on them.
Reabold Resources PLC (LON:RBD) is an investor in near-term, high growth upstream oil & gas projects where an injection of its capital facilitates near-term activity.