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

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The United Kingdom could produce half of its oil and gas demand, which prevailed under the right business, reducing increasing greater carbon intensive imports, the industry’s body said.

Offshore energies in the UK say that the country is a $ 13 billion barrel of a $ 13 billion barrel of 2050 zero emissions in Great Britain.

But the North Sea could produce 2 billion -3 billion barrels if companies were encouraged to invest, adding 150 billion economic cost to 2000 pounds, which is expected in current programs.

Owuk forecast of Ovuk, which has issued in the prospect of his annual business on Tuesday, establishes self-sufficiency in the dependence of the Higher as Government of the United Kingdom consultation For future fiscal, regulatory and environmental regimes for the North Sea.

“Oil and gas needs oil and gas for the UK to focus on producing so much,” said David Whitehan, Chief Executive Officer of Oeuk. “This will require new projects that will satisfy that target, but most of them will come from existing licensed areas.”

The air wants to immediately reduce the wind tax, to reflect lower prices and encourage investments in expensive works of the North Sea planes, said a person who is familiar with the body’s thinking.

Since 2030, Oil and gas field will return only to pay permanent taxes, currently set by about 40 percent, but would automatically like Put more If wholesale prices rose unusual levels.

The collection of oil and gas profits was invested in 2022, in response to energy prices, after the invasion of Ukraine.

Last year, the government increased the collection by 38%, bringing headlines to manufacturers until 2030, while removing the main investment benefit.

“When wind prices are far away, so you should need,” said the man, noting the prices of energy, fell at the pre-invasion levels.

Recognizing the previous changes in the oil and gas fiscal regime, the government hopes to give more confidence in future taxes.

The report attaches importance to minus 1% “Historical Low Pace” in June 2024, next to low prices and products, high taxation.

The air also called on the government to import liquefied natural gas from the confluence of the British consumption, supporting more internal production.

About 17% of Gas imports of Great Britain last year have been received from us LNG, which has carbon intensity four times inner gas.

The government said it would not allow new oil and gas licenses, but would discuss additional production over existing objects. New licenses, however, it would be necessary to raise a way out of its full potential, adding a person.

BOSSIL Fuel BOSSIL INDUSTRY, BOSSIL FULLES, BOSSAL FULLY, Fantasy Oil and Gas Industry accused the “Bossal Fuel”.

“The numbers of this production are only possible if the industry is given more tax breaks, or prices are so high that punish ordinary people who can no longer afford their energy fees,” he said.

The new home product will “close us longer than the older, expensive energy source,” he added.

The Chancellor said on Sunday the Suncel Reeves Rosebank and Jackdaw Oil and gas poster would be ahead, despite the fundamental environmental challenges.