UK Government Action Could ‘Unlock’ 100-Plus Oil and Gas Projects, Say Bosses
OEUK said a more competitive regime could unlock £50 billion in private capital and 3.25 billion barrels of oil equivalent.
- Offshore Energies UK reported that fiscal reform could unlock 111 new oil and gas projects, potentially securing £50 billion in investment and 3.25 billion barrels of oil equivalent in production.
- Industry leaders are urging the government to replace the Energy Profits Levy by 2027, arguing the current tax regime stifles investment and increases the UK's reliance on energy imports.
- OEUK Chief Executive David Whitehouse warned that regulatory delays for Jackdaw, which could provide up to 6% of winter gas needs, threaten the 180,000 jobs the sector supported in 2024.
- A UK government spokesperson noted plans to replace the EPL by 2030, or earlier if price floors are triggered, aiming to provide "long-term certainty" for investors while supporting clean energy.
- Environmental group Uplift director Tessa Khan dismissed the industry report as "fantasy," citing the North Sea's "ultra-mature" status and arguing new drilling would not significantly lower consumer energy bills.
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North Sea oil and gas set for green light on hundreds of new projects amid 'energy security' push
North Sea oil and gas set for green light on hundreds of new projects amid 'energy security' push . Iran's conflict has shown "energy security is national security" and there has "never been a stronger case" for North Sea oil and gas, industry leaders have said
Evening Standard
UK Government action could ‘unlock’ 100-plus oil and gas projects, say bosses
A report from Offshore Energies UK claimed reforms to the tax regime and a ‘pragmatic approach’ to licensing could see 111 projects go ahead.
UK Government action could 'unlock' 100-plus oil and gas ...
With oil prices again above $100 per barrel, the United Kingdom questions whether to reinvigorate oil and gas production in the North Sea.
Scotland’s energy needs community ownership, not 100+ new oil and gas
Scottish Greens have rejected oil industry calls to approve more than 100 new North Sea projects, warning that further drilling would do nothing to cut household energy bills, calling for a community ownership focus instead. This comes as Offshore Energies UK claimed changes to the windfall tax and approval of the controversial Rosebank and Jackdaw fields, could result in over 100 new oil and gas projects in the North Sea. North Sea output has b…
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