UK’s Big Ambitions Can be Realized but Need Long-Term Planning & Political Consensus

Source: www.gulfoilandgas.com 4/7/2022, Location: Europe

The UK government’s Energy Security Strategy has been supported by Offshore Energies UK as a key step towards reducing reliance on imports, building a plan to reach net zero by 2050 and, potentially, controlling energy bills. The plan was prompted by Putin’s attack on Ukraine, causing a tragedy for its citizens and sparking a wider energy crisis which has forced up global prices and highlighted many European countries’ reliance on Russian gas and oil – putting them at risk of shortages. The UK’s own oil and gas resources mean it is largely protected from a supply crisis now, but lack of investment in the North Sea means production is rapidly dwindling – so our nation risks becoming increasingly dependent on imports. OEUK has long argued that extra North Sea investment would halt the decline, so the government announcement of a licensing round for new oil and gas projects launching this summer is welcome. How does the UK get its gas? (Data from 2021). This graphic is free to use by media but please credit OEUK The government’s accompanying statement said it: “Recognised the importance of these fuels to the transition and to our energy security, and that producing gas in the UK has a lower carbon footprint than imported from abroad.” OEUK has been consistently pushing for a policy of supporting UK oil and gas while simultaneously expanding offshore wind, and other low-carbon energies, to provide an ever-increasing proportion of future energy needs. Deirdre Michie, OBE, chief executive of OEUK, said: “The UK has enough proven oil and gas reserves to support the UK for at least 15 years, but we need regulatory approval to invest in the platforms, pipelines and other infrastructure needed to access it. The announcement of a new licensing round and the proposal to cut the time needed to get those approvals, by the introduction of regulatory accelerators, will help our industry carry on providing the UK with the energy it needs.


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