A strange outcome, given the fact that new oil and gas fields in the North Sea would have zero impact on energy prices in the UK or energy security, as they will take years to come onstream and production would be sold to the highest bidder globally. 80% of North Sea oil is currently exported.
Comments
Even if nominally there is a fair amount left in the North Sea hydrocarbon basin, the cheap to access stuff has mainly been extracted (especially on the UK side).