The UK offshore energy sector is pressing the government to reduce dependence on imported fuels and give stronger priority to domestic energy production, as concerns grow over the global energy crisis linked to the war in Iran.
OEUK held emergency talks with North Sea industry leaders on 20 May 2026. Executives from major energy companies active in the UK North Sea attended the meeting.
OEUK said the UK’s offshore energy industry and supply chain support more than 240,000 jobs and add £36 billion ($48.4 billion) a year to the national economy.
The trade body argued that recent events in Iran and Ukraine show why countries with their own energy production are better protected during international crises. It called for faster action on North Sea oil and gas, alongside renewables.
David Whitehouse, Chief Executive of OEUK, said the UK should place homegrown energy ahead of imports, including domestic oil and gas. He also said the move to relax sanctions so jet fuel and diesel refined from Russian crude can enter from third countries showed the weakness created by past policy choices.
OEUK said early implementation of the UK Treasury’s proposed oil and gas price mechanism, together with quicker approval of the Rosebank and Jackdaw projects, could release £50 billion ($67.2 billion) of investment.
According to OEUK, this would lift North Sea oil and gas output from fewer than 4 billion barrels under the current regime to more than 7 billion barrels by 2050.
Professor Nick Butler of Kings College London told the meeting that the Iran war would add pressure through higher inflation, increased borrowing, slower growth, weaker spending and reduced investment. He said the UK should make full use of its available energy resources rather than import oil and gas it can produce domestically.
