Half of UK oil and gas demand can be produced at home, says industry body

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According to an industrial agency, the UK can produce half of its estimated demand for oil and gas natively under the “right business condition”, reduces increasing dependence on more carbon-intensive imports, an industrial organization.

Offshore Energy UK has said that the country is on its way to produce 4 billion barrels of oil and gas equivalent to the 1 billion -15BN forecast for the use of the Independent Climate Change Committee, in line with the UK’s 20 net zero emissions.

However, if companies are encouraged to invest in investment, the North Sea can produce more 2bn-3bn barrels, adding the economic value of more than $ 200 billion expected under the current plan.

The forecast of the OUK in its annual business outlook on Tuesday gives the industry case to give priority to self -reliance rather than depending on the UK government Consultation In the future financial, regulatory for the North Sea and in the environmental governance.

Ouk’s chief executive, David Whitehouse, said, “UK oil and gas need – and we should concentrate on producing as ourselves.” “It will require a new project to meet this goal, but most of them will come from the existing licensed territory.”

Windfall wants an instant reduction in the Windle Tax to reflect low prices and encourage investment in the Northern Sea Drilling Operations, a person familiar with body thinking.

From 2030, the Oil and gas sector Only will return to pay permanent taxes, now about 40 percent is set, but it will be automatically Further contribution If the wholesale prices rise to the abnormal level.

In response to the increase in energy prices after Russia’s Ukraine invasion, tariffs on oil and gas were introduced in 2022.

Last year, the government increased the tariff to 5 percent, which has taken the title tax for the producers to 78 percent by 20, as well as removed the original investment allowance.

“When the price of airflow is reduced, the tax should still be taxed,” the person said that the pre-attack level of the attack was reduced.

The government, the oil and gas, acknowledges previous changes in the financial governance system and hopes to ensure investors more than future taxes.

The report highlighted the “Historic Tihassic low rate” of 1 percent from June 2021 due to low taxes and low prices and outputs.

Ouk called for “eliminating” liquid natural gas from the UK’s consumption mixture to support more domestic production.

About 17 percent of the UK’s gas imports were encouraged from the US LNG last year, with carbon intensity four times higher than domestic gas.

The government has said that they will not allow new oil and gas licenses but will consider additional production on existing facilities. The new licenses, however, will need to increase the output of its potential, adding the person.

Tesa Khan, executive director of Apalift, who supports the phase outside the fossil fuel, accused Tessa Khan oil and gas industry as “a fantasy pedaling”.

“These production statistics are only possible when the industry is given more tax breaks, or the prices are so high that it punishes ordinary people who cannot already carry their power bills,” he said.

He added, the new domestic output “will lock the source of an old, expensive energy for a lot more time than we need”, he added.

Chancellor, Rachel Reeves told The Sun on Sunday that its development Rosbank and Jacodao Oil and gasfields will move forward despite the legal challenges on an environmental basis.