UK could 'unlock' 100 more oil and gas projects, say North Sea bosses
The UK could supply half of its oil and gas needs without imports if the government showed more support for the sector, an OEUK report claims.
The UK could potentially unlock an additional 111 oil and gas projects, according to an industry report from Offshore Energies UK (OEUK). The report suggests that supporting the sector through changes to the windfall tax and approving controversial projects like Rosebank and Jackdaw could attract £50bn in investment. However, environmental groups argue that such support is a "fantasy" and that the government should not heed self-interested oil company demands.
The OEUK report calls for the replacement of the current Energy Profits Levy (EPL) with a new Oil and Gas Revenue Levy, which would only apply during price spikes. The sector has long criticized the EPL for stifling investment. Last year, no exploration wells were drilled in the North Sea, and the industry supports 180,000 jobs.
Policy Director Enrique Cornejo emphasized that boosting domestic energy production is crucial for protecting households, businesses, and the economy from global shocks. The report's findings suggest that policy decisions are needed to prevent increased dependence on imports and to avoid losing high-value jobs.
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