The stark contrast between the UK and Norway's approaches to North Sea oil and gas resources has led to vastly different outcomes, with the UK facing a looming crisis and Norway thriving. The UK's net-zero obsession has resulted in regulatory and tax uncertainty, driving investors away and causing a decline in production and exploration. In contrast, Norway's support for the industry, including tax incentives and exploration in frontier areas, has boosted production and made it Europe's top gas supplier. The UK's unpredictable tax regime, including the controversial Energy Profits Levy (EPL) or windfall tax, has led to a mass exodus of companies, with production and exploration drilling suffering. The future looks uncertain for the UK's oil and gas industry, while Norway's commitment to exploration and long-term supply ensures its continued dominance in the region. The article highlights the importance of stable policies and investment in the energy sector, and the potential consequences of differing approaches to resource management.
