Reform UK has told oil and gas companies that they will slash taxes and regulation if Nigel Farage’s party sweeps to power - but could demand equity stakes in future North Sea projects.
The FT reports today that Richard Tice, the deputy leader of the party, has promised a “day one” assault on net zero policies that includes reversing restrictions on new oil and gas exploration.
The party could immediately announce billions of pounds of new hydrocarbon investments if elected, he has told the industry leaders.
Reform’s plan would see taxpayers take an equity stake in oil and gas ventures as it increasingly adopts policy positions more typically associated with the left.
Tice told the FT there were two options a Reform government could take to secure an equity stake in oil and gas investment.
The first would be requiring a stake in exchange for granting a licence, and the second would be “investing hard equity”, for example by offering upfront investment to drill in riskier, untapped locations, in exchange for a larger stake.
“We can completely move away from the windfall tax idea because taxpayers will be getting a slug of the profits,” he said.
“We will be accused of picking winners, and yes I am picking winners. Oil and gas companies have been huge winners for decades.”
Click here to read the full story in the FT.