North Sea bosses say UK could unlock 100 more oil and gas projects
Offshore Energies UK reports that government support could release 100 additional North Sea energy projects.
Industry claims fiscal changes needed
The group states that scrapping the current Energy Profits Levy would attract £50bn in investment. Officials argue this tax stifles spending even when wholesale prices fall. They believe approval for specific fields like Rosebank and Jackdaw is also required.
Output levels face long decline
Projections indicate domestic supplies will cover only about a third of demand until 2050. No exploration wells were drilled last year for the first time since production began. The sector currently supports 180,000 jobs across the United Kingdom.
Critics dismiss the proposal
Environmental group Uplift called the report a fantasy and urged the Prime Minister to ignore industry demands. They argue that imports have increased while domestic production falls. The proposed new tax would only trigger when prices spike significantly.
Reported by one outlet
Only one outlet has published this. Nothing here has been checked against a second report, so read it as that outlet's account and follow the link below for the original.
Reported by
1 independent outlet. Headline as published. Links open the original report.