EurOil: Ithaca warns of policy risks to UK energy security

The UK's energy security is at risk as a major oil and gas producer, Ithaca Energy, warns of potential shortages and overreliance on imports as a result of the opposition Labour Party’s proposed ban on new oil and gas exploration in the North Sea.

Ithaca, which is heavily invested in North Sea oil and gas, has expressed concerns that this looming policy, and the windfall tax that the current government imposed last year, are “spooking investors” and could lead to the UK being “starved” of energy. Labour could win power in the next general election, due to take place no later than January 2025.

If you’d like to read more about the key events shaping Europe’s oil and gas sector then please click here for NewsBase’s EurOil Monitor.