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Explainer: What do Russia’s oil giants own overseas?
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
Letter from Saudi Arabia: US-Saudi energy ties enter a new phase
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Outlook 2025
UK Upstream Politics
David Whitehouse
19 December 2024
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Outlook 2025: A new era in energy – how the UK offshore sector can lead in a competitive market

The government must take the opportunity to harness the sector’s immense potential to support the long-term development of the UK’s low-carbon sector

In today’s rapidly changing world, we face a unique set of challenges. The cost-of-living crisis, rising geopolitical tensions and the urgent need to address climate change create a landscape where collaboration between governments, industry and the public is essential. At the heart of these discussions is the need for economic growth driven by our offshore energy sector. For the past 50 years, this sector has been the backbone of the UK’s energy supply, meeting approximately 50% of our oil and gas needs. It supports more than 200,000 skilled jobs and contributes £30b ($39b) to the economy, providing a solid foundation for our energy future. The UK is home to a world-class energy supply chai

Also in this section
Explainer: What do Russia’s oil giants own overseas?
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
Letter from Saudi Arabia: US-Saudi energy ties enter a new phase
Opinion
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
Letter from London: Oil’s golden triangle
Opinion
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
Libya’s upstream caught between hope and caution
1 December 2025
The North African producer’s first bidding round in almost two decades is an important milestone but the recent extension suggests a degree of trepidation

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