The announcement of Britain’s snap general election has placed leading political parties under enormous pressure to clarify their energy policies.

In a comprehensive analysis, Upstream describes how the main UK parties stack up in matters of energy policy, energy transition, and climate change compared with what the oil and gas sector has been lobbying for.

The industry has called for continued increased investment in domestic oil production and criticised the Energy Profits Levy (EPL). In terms of the levy, oil and gas profits were taxed first at 25% as of May 2022, and increased to 35% from January 2023. The increase is expected to remain in place until 31 March 2029.

Higher investments in the transition-related sector have also been called for to transform the North Sea along low-carbon opportunities. These opportunities include carbon capture and storage and offshore wind.

Click here to view the parties’ manifestos in detail.