Since coming into office, the Labour Party has heavily taxed oil and gas companies operating in the U.K. North Sea and restricted the development of new fossil fuel projects. However, there is still potential for two major projects to be developed if approved by the country’s new Prime Minister, Andy Burnham. While environmentalists and climate groups are deeply concerned about the harm new fossil fuel projects would cause, several oil executives believe new exploration could contribute significantly to the economy.  A recent industry…

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