Upstream oil and gas—exploration and production

Introduction

This is an overview of the key content to be found in our Upstream oil and gas—exploration and production subtopic. It briefly explains the nature of this content and provides links to it.

For more information on Midstream and Downstream oil and gas, see subtopics:

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Midstream oil and gas—transportation, terminals and storage facilities—overview
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Downstream oil and gas—refining, marketing and sale and purchase of petroleum products—overview

For a consolidated subtopic bring together all our content of relevance to corporate transactions in the oil and gas sector, see: Corporate oil and gas transactions—overview.

Upstream oil and gas

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Practice Note: The Energy White Paper—an overview [Archived]—considers some of the key measures announced in the Energy White Paper published by the former UK Department for Business, Energy and Industrial Strategy (BEIS) on 14 December 2020 and their expected impact on the energy sector. It also provides a comprehensive overview of all commitments announced. The Department of Energy Security and Net Zero (DESNZ) was established on 7 February 2023 and has taken over the energy portfolio of the former BEIS, which

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Latest Energy News

DESNZ publishes statement of strategic priorities for Great British Energy

The Department for Energy Security and Net Zero (DESNZ) has published a statement of strategic priorities for Great British Energy (GBE), setting out the Secretary of State's strategic direction and priorities for the publicly-owned company in accordance with section 5 of the GBE Act 2025 and detailing how it will drive clean energy deployment across the UK. The statement identifies three key focus areas: (1) investing in and developing emerging and established technologies and assets needed for Clean Power 2030 and beyond; (2) strengthening domestic supply chains to build long-term resilience and economic growth; and (3) supporting the expansion of local and community energy, working with government to deliver a Local Power Plan that ensures communities benefit from the clean energy transition. GBE will produce a strategic plan within six months, outlining how it will deliver on these objectives. The government has also set a target for GBE to begin generating returns from its commercial activities by 2030 and to have a self-financing plan in place by then, with profits reinvested into clean energy projects.

Commission opens call for evidence on EU energy security framework revision

The European Commission has opened a call for evidence to gather input on the planned revision of the EU energy security framework. The Commission intends to table a proposal for the revised framework in Q1 2026. The revision seeks to address existing gaps and respond to emerging risks in the EU energy system, including physical and cyber threats to critical infrastructure, climate change-related risks and geopolitical challenges. Alongside this broader call for evidence, the Commission will conduct targeted consultations for stakeholders with technical expertise. The call for evidence closes on 13 October 2025.

Commission publishes Strategic Action Plan for small modular reactors

The European Commission's Industrial Alliance for Small Modular Reactors (SMRs) has published its Strategic Action Plan outlining ten actions for SMR deployment in Europe by the early 2030s. The plan, developed by an alliance of more than 350 stakeholders established in February 2024, addresses regulatory frameworks, market development, supply chain enhancement and R&D. The initiative aims to support the EU's carbon-neutral goals while maintaining industrial competitiveness and collaborating with the recently endorsed Important Project of Common European Interest (IPCEI) on innovative nuclear technologies.

DESNZ announces new UK-US nuclear partnership agreement

The Department for Energy Security and Net Zero has announced the Atlantic Partnership for Advanced Nuclear Energy agreement between the UK and US governments, aimed at accelerating nuclear power station development through streamlined regulatory processes. Under the agreement, reactor design checks will be fast-tracked, allowing safety assessments from one country to support approvals in the other, potentially reducing licensing timelines from three to four years to approximately 24 months. As part of the initiative, five key commercial deals have been announced, including: (1) X-Energy and Centrica's project to build 12 advanced modular reactors in Hartlepool; (2) Holtec, EDF and Tritax's project to develop advanced data centres powered by small modular reactors at the former Cottam coal-fired power station in Nottinghamshire; and (3) Last Energy and DP World's plans to establish one of the world's first micro modular nuclear power plants, supported by £80m in private investment, among others. The partnership also extends to fusion energy, with joint UK-US experimental programmes using AI technology to develop advanced simulation tools, while test facilities will accelerate progress towards commercial fusion power.