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UK must back North Sea oil and gas drilling, says trade body
Offshore Energies UK urges scrapping the Energy Profits Levy to unlock £50 billion investment for North Sea oil and gas, supporting energy security and jobs alongside renewables.
- On Tuesday, Offshore Energies UK urged the UK Government to back domestic oil and gas, including new North Sea drilling, as oil and gas still supply around 75% of the UK's energy needs and will meet about a fifth by 2050.
- With imports high, the North Sea provides just 29.2% of UK domestic gas, while the UK gets around 70% of its gas from Norway.
- OEUK estimated that replacing the Energy Profits Levy with a permanent Oil and Gas Price Mechanism could unlock up to £50 billion of investment, with 76% supporting domestic production, according to an Opinium survey.
- A UK Government spokesperson said issuing new licences 'cannot give us energy security and will not take a penny off bills,' as the Conservative Party plans to oppose the ban on Tuesday's Opposition Day debate.
- Recent market shocks showed price spikes after strikes and Strait of Hormuz disruption, while University of Oxford researchers found North Sea extraction cuts bills by only £16–£82, and legal rulings complicate Rosebank and Jackdaw drilling.
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Coverage Details
Total News Sources11
Leaning Left4Leaning Right2Center3Last UpdatedBias Distribution45% Left
Bias Distribution
- 45% of the sources lean Left
45% Left
L 45%
C 33%
R 22%
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