Overview
- New Transitional Energy Certificates will let operators tap small pockets adjacent to existing licensed blocks if linked to current infrastructure and without fresh exploration.
- The Energy Profits Levy remains to 2030, with the Treasury forecasting £2.7 billion of revenue in 2025–26 despite falling receipts as the basin declines.
- Independent assessments using NSTA and Rystad data suggest tie-backs could yield roughly tens of millions of barrels of oil equivalent, with one estimate at about 45 million boe.
- The plan includes a North Sea Jobs Service and up to £20 million for retraining and an expanded skills passport to help workers move into other sectors.
- Environmental groups hailed the end of new exploration as a milestone, while industry warned the tax and licensing limits will deter investment and cost jobs, and a final decision on Rosebank is expected early next year.