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[UK Energy Sector Calls for Tax and Licensing Adjustments to Reduce Import Dependence] ⑴ UK energy sector executives warn that easing North Sea restrictions and tax cuts could halve the UK's need for oil and gas imports. ⑵ Industry groups say tax adjustments and approval of new North Sea drilling licenses could unlock 111 new oil and gas projects worth approximately £50 billion. ⑶ The UK relies on oil and gas imports for over 40% of its energy needs, and domestic producers say without further support, the UK will lose billions of pounds in economic opportunities, investment, jobs, and energy security. ⑷ The group is calling for the abolition of the current Energy Profits Tax, a 38% windfall tax on oil and gas producers, by January 2027. This tax was originally scheduled to be replaced in 2030. ⑸ The oil and gas industry has long argued that the tax stifles investment; in 2025, for the first time since oil and gas production began in the North Sea, no exploration wells were drilled, and the Labour Party has banned the issuance of new exploration licenses in UK waters. ⑹ The group reports that the 111 sites it has proposed are located within existing licensed areas. (7) The organization's head warned that without fundamental changes, the UK will continue to see job losses, a significant increase in energy imports, and a decline in national resilience. (8) The report called for the planned new oil and gas revenue tax to replace the current tax to be brought forward from 2030 to 2027, and only implemented if oil and gas prices surge. (9) The head emphasized the importance of timely decisions regarding the Rosebank and Jack Road projects, warning that delays in the Jack Road gas field decision could affect the UK's gas supply this winter; the field can produce 6% of the UK's gas needs. (10) The Jack Road and Rosebank projects had previously received the green light under the Conservative government, but were successfully challenged in the Scottish courts on environmental grounds, leading to the near-stagnation of other potential projects. (11) The head of the environmental organization stated that new drilling would not help reduce bills and would offer little benefit to energy security; science shows that the world's existing oil and gas reserves far exceed the amount that can be safely burned to limit warming. 12. A government spokesperson said that the government is providing long-term certainty to the industry and investors, with plans to replace the energy profit tax before 2030 or earlier, when the price floor is triggered, and to secure a sustainable future for North Sea prosperity through investment.