Overview

• President Trump described North Sea oil as a “treasure chest” and urged cuts to fossil fuel taxes and more drilling over offshore wind during his Scotland visit on August 1.
• Conservative MP Andrew Bowie wrote to Prime Minister Keir Starmer demanding a Downing Street review of oil and gas tax and licensing policies to boost North Sea investment.
• Chancellor Rachel Reeves told reporters in Lossiemouth that oil and gas will stay crucial for energy security alongside renewables, reaffirming the windfall tax through 2030 and support for carbon capture projects.
• The Scottish Government approved the 4.1 GW Berwick Bank offshore wind farm this week, which is set to power over six million homes and create thousands of jobs.
• Aberdeen was designated as the headquarters for GB Energy to lead large-scale renewable development even as debates over fossil fuel taxation intensify.