It’s not only the drilling moratorium. It’s the business environment for bog oil that is in trouble. It takes billions upfront ad very long timelines to make offshore work most of the time, especially the deep offshore part. A market in wild gyrations coupled with the current lame stance of the oil industry towards climate change could well prove deadly. Any price growth will be snorted up by shale much faster.
Low-carbon ambitions could jeopardise national energy security if drilling moratorium proves permanent