Britain’s government said on Tuesday that exiting the European Union without a deal after a March 2019 deadline will not change the operating environment for oil and gas businesses.
'The established regime for hydrocarbon licensing and environmental issues will continue to operate ... UK and EU businesses will not be required to take any action,' it said in a note.
'The government will amend the relevant legislation to ensure broad continuity. The legislative changes will have no impact on energy sector businesses, whose residual obligations under the legislation covered will remain unaltered.'
Britain will continue to be a member of the International Energy Agency and with that, the IEA’s oil stocking obligations for 90 days of net imports of oil, the note said.