UK election results could restart Faroese oil and gas exploration

The recent UK general election may indirectly revive oil and gas exploration in Faroese waters, according to energy journalist Jan Müller, director of the Faroese Energy Industry Association (FOÍB).

Müller told public broadcaster Kringvarp Føroya that interest in hydrocarbon extraction has grown amid global conflicts—first Russia’s invasion of Ukraine and now US-Israeli strikes on Iran—which have driven up energy prices and supply uncertainty. While there is no domestic political opposition to resuming exploration in the Faroe Islands, the main obstacle lies with neighbouring Britain.

When the UK’s Labour Party returned to power two years ago, it imposed a de facto ban on all oil and gas activity. However, following this week’s parliamentary elections in Scotland and Wales, along with local elections in England, a shift in policy is expected. The Scottish National Party (SNP) retained its position as Scotland’s largest party, while Labour suffered heavy losses in England as the right-wing Reform UK secured major gains. Both SNP and Reform UK advocate restarting oil and gas production.