The North Sea oil and gas prohibition proposed by Labour "will result in a 60% drop in production", according to the Telegraph.

Industry leaders have warned that Labour's proposal to prohibit new oil and gas licences will result in the loss of 45,000 jobs and a 60 percent decrease in domestic output.

Blocking any new development in the North Sea, according to Offshore Energies UK, which speaks for large oil corporations, is "premature" and would result in years of joblessness for tens of thousands of industry workers.

In order to make Britain a "clean energy superpower" if Labour wins the forthcoming general election, Sir Keir Starmer is apparently planning to declare an embargo on new oil and gas projects this month.

The UK would depend more and more on imported energy if this idea is implemented, according to David Whitehouse, chief executive of Offshore Energies UK.

"That would have several effects. It would jeopardise the UK's energy security, jeopardise the 200,000 jobs spread around the nation, and worsen the nation's economic situation”.

It's also important to note that this would prevent the UK from receiving the investment it needs to reach net zero because it would damage supply chain businesses that depend on the oil and gas industry for their ability to make investments in the longer-term path to net zero and the necessary technologies.

The organisation predicts that if new oil and gas investment is prohibited on the UK Continental Shelf, 45,000 jobs would be lost by the end of this decade.

Additionally, it cites official projections from the Government and the North Sea Transition Authority that indicate that if investment were to be restricted, the UK's reliance on imported oil and gas would increase from 50% now to 80% by 2033.

If new funding was granted, just 60% of this dependency would increase.

According to Offshore Energies UK, it would result in a 60% decrease in output from present levels if future investment were prohibited. In a "business as usual" scenario, yields from the North Sea would inevitably diminish, resulting in a reduction of 20 percent.

The Sunday Times stated that Sir Keir will declare a halt on new oil and gas licences later this month.

The idea has already drawn criticism from Unite, the largest union contributor to Labour, who warned that the party ran the risk of causing a mass layoff of workers equal to that inflicted by the abrupt closing of Britain's coal mines in the 1980s.

(Sources: telegraph.co.uk, thetimes.co.uk)