Reform UK's deputy leader Richard Tice called for more oil and gas extraction from the North Sea. He described the region as an "energy treasure." Tice made these comments before the party's conference in Birmingham this week. He stressed the need for better rules and taxes to support drilling efforts. He pointed to Norway's success in the North Sea, where over 40 wells were drilled last year. Tice stated, "We should go for every last barrel, every last drop" of oil and gas available in the North Sea.
Key Details
Tice criticized the current rules in the UK, saying they limit exploration and production. He mentioned that new technology could help find more resources. He also expressed doubt about renewable energy, claiming it leads to higher energy bills. Tice suggested that the UK should follow a model like the United States, focusing on domestic oil and gas production.
Background
Looking ahead to local elections next year, Tice said Reform UK is ambitious and wants to compete everywhere. He did not say how many seats the party hopes to win. However, he highlighted its recent performance in the Scottish Parliament elections, where it won 17 out of 129 available seats.
Tice's comments could affect the energy sector, especially companies involved in oil and gas exploration in the North Sea. More drilling activity may lead to higher production levels, which could impact oil supply. Investors will be watching for any changes in rules that could allow more drilling in the region.
Based on reporting by: bbc.co.uk