In a tale of two North Seas, Norway and the UK showcase contrasting approaches to the energy transition. Norway supports oil and gas development, offering long-term regulatory certainty and cashing in on revenues, while the UK’s changing tax regime drives away investors. With Brent crude at $62.68 and WTI at $59.10, global oil prices remain suppressed. The OPEC Secretary General warns of the need for $18.2 trillion in oil and gas investment, a message embraced by Norway but ignored by the UK. Companies are leaving the UK North Sea due to unpredictable policies, leading to a decline in production and exploration. OEUK urges UK government to replace Energy Profits Levy with permanent tax system and update licensing rules for offshore energy industries. Loss of investment has led to 40% drop in oil and gas production, with a projected 50% decrease by 2030. While UK struggles, Norway sees increased oil and gas production but aims for more exploration and new field developments to sustain output levels. Norway’s oil fund, worth $2 trillion, relies on oil and gas revenues. Energy Minister Aasland emphasizes need for new discoveries to ensure stable oil and gas supply to Europe. Plans for new licensing round expected this autumn.

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