British populists call for revival of North Sea oil production

Reform UK, led by Nigel Farage and deputy Richard Tice, is courting oil and gas companies with a bold plan: if elected, the party pledges to cut taxes and roll back regulations on the fossil fuel sector, while securing equity stakes for taxpayers in return.

Tice has recently held private meetings with onshore and offshore energy executives, promising a “day one” reversal of net-zero policies, including the revival of North Sea oil and gas exploration, Caliber.Az reports, citing the Financial Times.

If Reform wins power in the next general election — due by 2029 — Tice claims the party could immediately trigger billions in new hydrocarbon investments.

The proposal includes two pathways for public equity stakes: awarding licences in exchange for shares, or providing state capital for exploration in riskier areas in return for larger returns. “We can move away from windfall taxes,” said Tice, “because taxpayers will get a cut of the profits. I’m picking winners — and oil and gas have been winners for decades.”

This marks a significant shift in Reform’s policy orientation, embracing economic nationalism and selective state intervention — approaches more traditionally associated with the political left. Farage and Tice, once champions of small government and fiscal conservatism, are now aiming to expand state influence in key sectors while opposing climate policies and immigration.

The outreach also represents Reform’s attempt to gain credibility with major industries, positioning itself as a pro-business party ready to govern. Tice described current investment pullbacks in the North Sea as a “tragedy” caused by Conservative and Labour-imposed windfall taxes and urged firms to “get their licence applications ready” for a future Reform government.

Still, many in the energy sector remain sceptical. One executive told the Financial Times that Reform’s vision was “intriguing,” particularly with its Trump-like promises of deregulation and tax cuts, but cautioned that “energy companies won’t nail their colours to the mast so far out from an election.”

Executives also expressed concern about potential nationalisation and the party’s aggressive anti-net-zero stance, given many oil firms are also invested in renewables and carbon capture. Some view Reform as overly reliant on Farage’s persona, lacking policy infrastructure and long-term credibility. “They still look like a 1990s PR firm — one man and his dog,” one industry figure remarked.

Despite doubts, Reform is targeting disaffected, economically struggling regions outside London — the so-called “left behind” communities — with a populist message of energy sovereignty, industrial revival, and government-backed fossil fuel investment.

By Tamilla Hasanova