British oil and gas priorities not changed by election

British Prime Minister Theresa May faced calls to step down from her Labor Party rivals after the hold over the majority in Parliament for her Conservative Party slipped as early results from general elections trickled in Friday.

In a statement sent to UPI, Michael Geary, a global fellow with the Wilson Center's global European program, said the push for elections by May was a serious miscalculation.

"No party will have enough seats to govern alone," he said. "With Brexit negotiations starting in 10 days, the election has thrown the country into disarray."

Late last month, polling data from YouGov found support for May was eroding, rattling investor confidence during Brexit negotiations.

In commentary presented in late May, trade group Oil & Gas U.K. said it had a blueprint for the future of the North Sea that envisioned $370 billion in potential revenue for the British economy over the next 20 years by tapping into the estimated 20 billion barrels of oil and gas yet to be recovered offshore.

Deirdre Michie, the CEO of the trade group, said in response to emailed questions the industry was looking forward to continuing its work with whatever government emerged in London. Regardless of the power structure, the industry is clear on ensuring it can succeed.

"To that end, we need a U.K. energy policy which realizes the full benefits of the U.K.'s indigenous resources; to work closely with government to ensure that the U.K. continental shelf is globally competitive for investment, strategic management of Brexit to support, develop and promote the oil and gas industry and practical steps to protect, progress and promote operators, the supply chain and the industry workforce," she said.

A March report from the group found total British offshore production was up 5 percent from 2015 to 1.73 billion barrels of oil equivalent, a trend that should continue. That follows a 15-year period of steady declines from British waters.

Stephen Brennock, an analyst with London oil broker PVM, said in an emailed newsletter the results of the election has sparked a "fresh period of uncertainty" and "risks throwing spanner in the works of Brexit negotiations."