Resolution criteria

The market resolves YES if the UK Government issues at least one new North Sea oil and gas licence in 2026. As of November 2025, no new licences have been issued under Labour, and the government has confirmed it will proceed with plans not to issue new exploration licences. Resolution will be determined by official announcements from the North Sea Transition Authority (NSTA) at https://www.nstauthority.co.uk/ or the Department for Energy Security and Net Zero (DESNZ) at https://www.gov.uk/government/organisations/department-for-energy-security-and-net-zero. The market resolves NO if no new licences are issued by 31 December 2026.