A report from the Aberdeen & Grampian Chamber of Commerce has shown that 100,000 jobs in the oil and gas sectors are at risk. This concern has been raised with industry confidence in UK activities reaching a record low.

The AGCC is giving the next UK government just 100 days to prevent these job losses. This government will form following the July 4th general election.

The North Sea energy sector finds itself in a precarious position with a possible exploration ban on the cards. This comes as rising climate change concerns fuel a further push for renewable and sustainable energy.

Labour remain very strong favourites to secure a majority in the House of Commons this summer, according to the bookmakers. Electoral Calculus predicts Labour will take 479 seats with 326 required for a majority.

Labour is considering an extension of the Conservative’s windfall levy with the party likely returning to governance for the first time in 14 years.

In response, the UK union Unite launched a Scottish campaign on May 17th calling on Labour to protect the oil and gas sector if soon back in power. The union’s use of the slogan ‘No ban without a plan’ summarises their campaign’s focus.

The Conservatives initially introduced a windfall tax on oil and gas companies in May 2022. This occurred as profits were soaring among energy companies at the same time as prices trending upwards.

The consumer had these rising prices passed on to them, contributing to the cost of living crisis. The current tax is set to last until Spring 2029.