The Digester

Ministers rejected an industry plea to slow the North Sea decline, saying new licences will not cut bills while Offshore Energies UK warned imports and emissions will rise amid a major global supply shock.

Offshore Energies UK said the UK urgently needs more domestic North Sea energy or risk greater exposure to global volatility and higher emissions.
The government said issuing new licences cannot provide energy security or reduce bills because oil and gas are sold on international markets.
UK gas prices more than doubled in under a month after the war in the Middle East triggered a major supply shock.
OEUK projects UK gas imports could rise from about 14% last year to more than a quarter by 2030 and almost half by 2035.
OEUK called for a stable tax regime to protect jobs and supply chains and said homegrown gas has a lower emissions footprint than imported liquefied natural gas.

UK ministers rebuff calls to boost North Sea oil and gas

Articles