Green energy boss backs more North Sea oil and gas production

Key UK green energy leaders, including GB Energy's Jürgen Maier, Octopus Energy's Greg Jackson, and RenewableUK's Tara Singh, have publicly backed increasing North Sea oil and gas production to address rising energy costs amid escalating Middle East conflict. Despite the government ruling out new exploration licenses, industry insiders expect approval of existing licensed fields like Rosebank and Jackdaw, potentially bringing production online by year-end. This stance highlights a pragmatic approach to energy supply balancing economic benefits against long-term renewable goals. Maier emphasized that increased North Sea output could boost jobs and tax revenues while supporting a managed transition incorporating all energy sources. His view aligns with Jackson's call for "sovereign energy" to reduce reliance on global imports amid record-high UK gas prices that have more than doubled within a month. Meanwhile, the government rejected the idea that new licenses would reduce prices, reaffirming that oil and gas prices are governed globally and advocating a move away from fossil fuel dependence. The market could see near-term volatility as political decisions on North Sea field approvals are awaited, likely post-May local elections. The evolving geopolitical tensions and government stance on fossil fuel licensing remain key risk factors influencing UK energy market pricing and positioning. Traders should monitor the upcoming regulatory announcements around Rosebank and Jackdaw fields, as well as global supply shocks induced by the Middle East war.