Tony Blair tells Ed Miliband to finally back new North Sea oil and gas drilling | Politics | News
The think tank warns that Britain should have already taken steps to shore up domestic oil and gas supplies ahead of the Iran war, which sent global prices soaring. He argues that reaching net zero by 2050 will only be possible with a more practical strategy focusing on electrification, affordability and durability.
TBI’s energy policy expert Tone Langengen said: “Iran has not only been an energy shock, it has also been a cost of living shock and a test of Britain’s economic resilience.
“But the case for strengthening domestic supply and supporting projects such as Jackdaw and Rosebank was already strong; the crisis has made clear how vulnerable the UK remains without this.
“If the government focuses on the wrong parts of the system, the UK will continue to suffer from the same vulnerabilities.
“But this is also an opportunity for a reset, including ramping up domestic supply to reduce reliance on volatile imports and support UK jobs and tax revenues.
“A credible strategy needs to do three things: manage today’s system, reduce exposure to shocks, and reshape the energy system over time.
“The lesson from Iran is clear: the UK needs not just more clean energy, but also electrification, greater flexibility and a more affordable system over time. Without this, households will face repeated price shocks, businesses will carry persistently high costs and the transition itself will fail.”
The Rosebank and Jackdaw projects were halted in 2024 when the Supreme Court ruled that emissions from burning fossil fuels should be taken into account when granting planning permission for new drilling sites.
The Conservatives and the Reform Party have called for more oil and gas drilling in the North Sea amid the Iran war, which has sent fuel prices soaring.
Prime Minister Sir Keir Starmer insisted it was the Energy Minister’s job.
In its election manifesto, Labor promised not to approve new oil and gas drilling.
The Department of Energy Security and Net Zero has been contacted for comment.
