On 3 September 2020, the UK Government announced it will review its policy on the future UK offshore oil and gas licensing regime as part of the wider aim of achieving net zero emissions by 2050. The government’s stated aim is to support a transition to low carbon energy sources, while getting the benefit from the limited reserves in the North Sea and protecting highly skilled jobs. Details are scarce for now but we look forward to learning more in the upcoming Energy White Paper (delayed from last Summer, now expected this Autumn).
More information can be found here: https://www.gov.uk/government/news/government-launches-review-into-future-offshore-oil-and-gas-licensing-regime