{"id":421476,"date":"2026-01-15T16:11:32","date_gmt":"2026-01-15T15:11:32","guid":{"rendered":"https:\/\/climatescience.press\/?p=421476"},"modified":"2026-01-15T16:11:34","modified_gmt":"2026-01-15T15:11:34","slug":"britain-less-investable-than-venezuela-says-north-sea-boss","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=421476","title":{"rendered":"Britain \u2018less investable than Venezuela\u2019, says North Sea\u00a0boss"},"content":{"rendered":"\n
\"An<\/figure>\n\n\n\n

<\/p>\n\n\n\n

UK politicians accused of treating carbon reduction \u2018like a religion\u2019<\/strong><\/p>\n\n\n\n

Britain has become as unattractive for investment as\u00a0Venezuela<\/a>\u00a0because of Labour\u2019s net zero crackdown on the oil industry, a North Sea boss has warned. The Telegraph<\/a> has the story.<\/em><\/strong><\/p>\n\n\n\n

Jim Johnson, the chief executive of engineering group Hunting, criticised ministers for adopting a religious zeal around cutting greenhouse gas emissions<\/a>, which he said had left Britain \u201clike the Venezuela of the North Sea\u201d.<\/p>\n\n\n\n

\u201cThe problem in the UK is that its politicians treat carbon reduction like a religion,\u201d he said, accusing Ed Miliband, the Energy Secretary, in particular of having a \u201cridiculous approach to the energy transition\u201d.<\/p>\n\n\n\n

\u201cIn investment terms Britain is like the Venezuela of the North Sea. It\u2019s uninvestable<\/a>.\u201d<\/p>\n\n\n\n

Mr Johnson, an American, compared the UK\u2019s offshore oil and gas sector to Venezuela \u2013 which contrary to much recent \u201chype\u201d<\/a>, he regards as an impossible place for new investment.<\/p>\n\n\n\n

Despite boasting the largest reserves on Earth, Venezuela\u2019s oil industry has become one of the world\u2019s most dysfunctional.<\/p>\n\n\n\n

After his\u00a0seizure of Nicol\u00e1s Maduro, the Venezuelan president<\/a>, Donald Trump has promised to spend billions to upgrade creaking infrastructure. However, oil majors like ExxonMobil have described Venezuela as \u201cuninvestable\u201d because of its deep-rooted problems.<\/p>\n\n\n\n

Mr Johnson warned that carbon levies and the high energy prices from Labour are set to destroy what\u2019s left of Britain\u2019s heavy industries.<\/p>\n\n\n\n

London-listed Hunting is poised to reduce its UK workforce to the bone because of the decline of the North Sea.<\/p>\n\n\n\n

Four of the company\u2019s five UK centres, including its main Scottish site, are to close over the next six months with the 160 staff reduced to well under 100.<\/p>\n\n\n\n

Its 30-strong London head office team will be retained because \u201cit\u2019s too expensive to list in New York,\u201d said Mr Johnson \u2013 whose own office is in Houston, Texas.<\/p>\n\n\n\n

It means the bulk of the company\u2019s activities and remaining 2,500-strong workforce will be concentrated abroad \u2013 two thirds of them in North America. Its pre-tax earnings for 2025 totaled $135m (\u00a3100m), up 7pc on the previous year.<\/p>\n\n\n\n

Read the full story here<\/a>.<\/em><\/strong><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Britain has become as unattractive for investment as\u00a0Venezuela\u00a0because of Labour\u2019s net zero crackdown on the oil industry, a North Sea boss has warned.<\/p>\n","protected":false},"author":121246920,"featured_media":421480,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":true,"token":"eyJpbWciOiJodHRwczpcL1wvY2xpbWF0ZS1zY2llbmNlLnByZXNzXC93cC1jb250ZW50XC91cGxvYWRzXC8yMDI2XC8wMVwvQVFObGlhMVZwd3l0RzBQVUJNZVhBX3BESTc2UGdQZTFlc0tkaW9rOTE1X21TQVI5akNxQXJOeXNzQXVkbFJhclBKNkwwMFZGOUNFSTNaUl9xUm13dWpORUtENEpLdDNid1NyaUtuX0VUNWppazBvRy0xU3hwNlRuZnk1dVhtUUotMTAyNHg2MjMuanBlZyIsInR4dCI6IkJyaXRhaW4gXHUyMDE4bGVzcyBpbnZlc3RhYmxlIHRoYW4gVmVuZXp1ZWxhXHUyMDE5LCBzYXlzIE5vcnRoIFNlYVx1MDBhMGJvc3MiLCJ0ZW1wbGF0ZSI6ImhpZ2h3YXkiLCJmb250IjoiIiwiYmxvZ19pZCI6MTU1ODEyNDQ5fQ.-T6Vi3u-P8R86gO0Q0y5tlBFTrTtBfTVUlX79Irh8GYMQ"},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[691831484,691820941,691818154,691818610,691819148],"class_list":{"0":"post-421476","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-uncategorized","8":"tag-energy-secretary-ed-miliband","9":"tag-labour-party","10":"tag-net-zero","11":"tag-north-sea","12":"tag-oil-and-gas","14":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/01\/AQNlia1VpwytG0PUBMeXA_pDI76PgPe1esKdiok915_mSAR9jCqArNyssAudlRarPJ6L00VF9CEI3ZR_qRmwujNEKD4JKt3bwSriKn_ET5jik0oG-1Sxp6Tnfy5uXmQJ.jpeg?fit=1447%2C881&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-1LE0","jetpack-related-posts":[{"id":433546,"url":"https:\/\/climatescience.press\/?p=433546","url_meta":{"origin":421476,"position":0},"title":"Miliband’s North Sea Ban: Ideological Madness in the Face of War-Driven Energy Chaos","author":"uwe.roland.gross","date":"03\/23\/2026","format":false,"excerpt":"Miliband maintains that extra North Sea production would make no \u201cmaterial difference\u201d to household bills (prices are set globally) or long-term supply. He frames the policy as essential for the \u201cjust transition,\u201d arguing excessive fossil fuel dependence is the real long-term security risk. New licences wouldn\u2019t meaningfully slow the basin\u2019s\u2026","rel":"","context":"In \"Ed Miliband\u2019s Department of Energy Security and Net Zero (DESNZ)\"","block_context":{"text":"Ed Miliband\u2019s Department of Energy Security and Net Zero (DESNZ)","link":"https:\/\/climatescience.press\/?tag=ed-milibands-department-of-energy-security-and-net-zero-desnz"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/03\/0-Milibands-North-Sea-Ban-Ideological-Madness-in-the-Face-of-War-Driven-Energy-Chaos1.jpg?fit=784%2C1168&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/03\/0-Milibands-North-Sea-Ban-Ideological-Madness-in-the-Face-of-War-Driven-Energy-Chaos1.jpg?fit=784%2C1168&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/03\/0-Milibands-North-Sea-Ban-Ideological-Madness-in-the-Face-of-War-Driven-Energy-Chaos1.jpg?fit=784%2C1168&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2026\/03\/0-Milibands-North-Sea-Ban-Ideological-Madness-in-the-Face-of-War-Driven-Energy-Chaos1.jpg?fit=784%2C1168&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":241240,"url":"https:\/\/climatescience.press\/?p=241240","url_meta":{"origin":421476,"position":1},"title":"Andrew Neil accuses Keir Starmer of posing as Greta Thunberg over North Sea opposition","author":"uwe.roland.gross","date":"01\/23\/2023","format":false,"excerpt":"Another victim of \u2019net zero\u2018 numptythink? Whether it\u2019s gas, oil or coal, it\u2019s always better to import fuel than use your own according to climate obsessives.","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/01\/image-1029.png?fit=1200%2C720&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/01\/image-1029.png?fit=1200%2C720&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/01\/image-1029.png?fit=1200%2C720&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/01\/image-1029.png?fit=1200%2C720&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/01\/image-1029.png?fit=1200%2C720&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":261206,"url":"https:\/\/climatescience.press\/?p=261206","url_meta":{"origin":421476,"position":2},"title":"Labour\u2019s \u00a328 Billion A Year Green Energy\u00a0Plan","author":"uwe.roland.gross","date":"06\/08\/2023","format":false,"excerpt":"Labour\u2019s \u2018bonkers\u2019 green energy plans will drive up mortgage rates and make Britain more reliant on foreign oil and gas, ministers warned last night.","rel":"","context":"In \"Climate goals\"","block_context":{"text":"Climate goals","link":"https:\/\/climatescience.press\/?tag=climate-goals"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/06\/0ib1-net-zero.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/06\/0ib1-net-zero.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/06\/0ib1-net-zero.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/06\/0ib1-net-zero.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/06\/0ib1-net-zero.jpg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":402521,"url":"https:\/\/climatescience.press\/?p=402521","url_meta":{"origin":421476,"position":3},"title":"How Ed Miliband cost Britain one billion barrels of North Sea oil","author":"uwe.roland.gross","date":"09\/16\/2025","format":false,"excerpt":"For Ed Miliband, it\u2019s a truly awkward moment. His own statisticians have released data showing that Britain\u2019s North Sea will produce a billion barrels of oil and gas fewer than expected between now and 2050 \u2013 with analysts linking the downgrade to Labour\u2019s imposition of 78pc taxes and a\u00a0ban on\u2026","rel":"","context":"In \"energy industry\"","block_context":{"text":"energy industry","link":"https:\/\/climatescience.press\/?tag=energy-industry"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/09\/0AQNFe22cLcy4vvsiflRwz-QuWoAx2srDMxkjlEV5In7DpggL0p_Wctxk-yQhHgDaQGR5UeKd9OjtkPsEWZV-u2tBYv3nm6cQfnvZJ7ipYqtv6uKu5LTv3sy7wailQvEAwvhS40k5T4htVBKN_lDnz5CglpkZLA-1.jpeg?fit=1200%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/09\/0AQNFe22cLcy4vvsiflRwz-QuWoAx2srDMxkjlEV5In7DpggL0p_Wctxk-yQhHgDaQGR5UeKd9OjtkPsEWZV-u2tBYv3nm6cQfnvZJ7ipYqtv6uKu5LTv3sy7wailQvEAwvhS40k5T4htVBKN_lDnz5CglpkZLA-1.jpeg?fit=1200%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/09\/0AQNFe22cLcy4vvsiflRwz-QuWoAx2srDMxkjlEV5In7DpggL0p_Wctxk-yQhHgDaQGR5UeKd9OjtkPsEWZV-u2tBYv3nm6cQfnvZJ7ipYqtv6uKu5LTv3sy7wailQvEAwvhS40k5T4htVBKN_lDnz5CglpkZLA-1.jpeg?fit=1200%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/09\/0AQNFe22cLcy4vvsiflRwz-QuWoAx2srDMxkjlEV5In7DpggL0p_Wctxk-yQhHgDaQGR5UeKd9OjtkPsEWZV-u2tBYv3nm6cQfnvZJ7ipYqtv6uKu5LTv3sy7wailQvEAwvhS40k5T4htVBKN_lDnz5CglpkZLA-1.jpeg?fit=1200%2C1200&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/09\/0AQNFe22cLcy4vvsiflRwz-QuWoAx2srDMxkjlEV5In7DpggL0p_Wctxk-yQhHgDaQGR5UeKd9OjtkPsEWZV-u2tBYv3nm6cQfnvZJ7ipYqtv6uKu5LTv3sy7wailQvEAwvhS40k5T4htVBKN_lDnz5CglpkZLA-1.jpeg?fit=1200%2C1200&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":277613,"url":"https:\/\/climatescience.press\/?p=277613","url_meta":{"origin":421476,"position":4},"title":"North Sea oil production falls at fastest pace in a decade as Labour fears deter\u00a0investment","author":"uwe.roland.gross","date":"09\/07\/2023","format":false,"excerpt":"North Sea oil production has plunged at its fastest pace in a decade as fears grow over a potential Labour government and Rishi Sunak\u2019s windfall tax deters investment.","rel":"","context":"In \"Government\u2019s windfall tax\"","block_context":{"text":"Government\u2019s windfall tax","link":"https:\/\/climatescience.press\/?tag=governments-windfall-tax"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/09\/0a-drilling-rig-in-the-water-with-the-sun-setting-in-the-background.jpg?fit=1200%2C800&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/09\/0a-drilling-rig-in-the-water-with-the-sun-setting-in-the-background.jpg?fit=1200%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/09\/0a-drilling-rig-in-the-water-with-the-sun-setting-in-the-background.jpg?fit=1200%2C800&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/09\/0a-drilling-rig-in-the-water-with-the-sun-setting-in-the-background.jpg?fit=1200%2C800&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/09\/0a-drilling-rig-in-the-water-with-the-sun-setting-in-the-background.jpg?fit=1200%2C800&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":414920,"url":"https:\/\/climatescience.press\/?p=414920","url_meta":{"origin":421476,"position":5},"title":"Britain threatened by gas shortages as North Sea output plummets","author":"uwe.roland.gross","date":"11\/27\/2025","format":false,"excerpt":"Britain faces the risk of severe gas shortages as\u00a0plummeting North Sea production\u00a0leaves the country dangerously reliant on imports, the UK grid operator has warned.","rel":"","context":"In \"energy industry\"","block_context":{"text":"energy industry","link":"https:\/\/climatescience.press\/?tag=energy-industry"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/11\/0AQOMMwvE3fwJcJ_AywWXlQsg6pAonaGrhWv7-6Ptu_ij9jf4drGAZ0XGiU7Tc51T6wC2R8C2sSFMtYmwHCK3N6Jk8shMVYICNuKNw5QCu_Uda1oPdaZcph4BJGeDPBK5kjAvc8aDPMzvezOJgG6YXySVWkqBRQ-1.jpeg?fit=1200%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/11\/0AQOMMwvE3fwJcJ_AywWXlQsg6pAonaGrhWv7-6Ptu_ij9jf4drGAZ0XGiU7Tc51T6wC2R8C2sSFMtYmwHCK3N6Jk8shMVYICNuKNw5QCu_Uda1oPdaZcph4BJGeDPBK5kjAvc8aDPMzvezOJgG6YXySVWkqBRQ-1.jpeg?fit=1200%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/11\/0AQOMMwvE3fwJcJ_AywWXlQsg6pAonaGrhWv7-6Ptu_ij9jf4drGAZ0XGiU7Tc51T6wC2R8C2sSFMtYmwHCK3N6Jk8shMVYICNuKNw5QCu_Uda1oPdaZcph4BJGeDPBK5kjAvc8aDPMzvezOJgG6YXySVWkqBRQ-1.jpeg?fit=1200%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/11\/0AQOMMwvE3fwJcJ_AywWXlQsg6pAonaGrhWv7-6Ptu_ij9jf4drGAZ0XGiU7Tc51T6wC2R8C2sSFMtYmwHCK3N6Jk8shMVYICNuKNw5QCu_Uda1oPdaZcph4BJGeDPBK5kjAvc8aDPMzvezOJgG6YXySVWkqBRQ-1.jpeg?fit=1200%2C1200&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/11\/0AQOMMwvE3fwJcJ_AywWXlQsg6pAonaGrhWv7-6Ptu_ij9jf4drGAZ0XGiU7Tc51T6wC2R8C2sSFMtYmwHCK3N6Jk8shMVYICNuKNw5QCu_Uda1oPdaZcph4BJGeDPBK5kjAvc8aDPMzvezOJgG6YXySVWkqBRQ-1.jpeg?fit=1200%2C1200&ssl=1&resize=1050%2C600 3x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/421476","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/users\/121246920"}],"replies":[{"embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=421476"}],"version-history":[{"count":5,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/421476\/revisions"}],"predecessor-version":[{"id":421482,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/421476\/revisions\/421482"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/media\/421480"}],"wp:attachment":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=421476"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=421476"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=421476"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}