Half of oil and gas demand in the UK can be produced at home, the industrial authority says

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The UK can produce half its predicted demand for oil and gas at the domestic level in the “right business conditions”, reducing the increasing dependence on more intensive carbon, said the branch organ.

UK offshore energy has stated that the country is on the road to producing 4 billion barrels of oil and gas, equivalent to the 13bn-15 billion forecast for use by the independent climate change in accordance with the 2050 UK emissions.

But the North Sea can produce another 2BN-3bn barrel if companies were offered to invest by adding £ 150 billion for 200 billion pounds expected in current plans.

The EEUK forecast published in the annual business viewing on Tuesday, teaches the industry for determining prioritizing consult About future fiscal, regulatory and environmental modes for the North Sea.

“The UK needs oil and gas – and we must be focused on the same amount as ourselves,” said David Whitehaus, OEUK Executive Director. “New projects will be required to achieve this, but most of them come from existing licensed areas.”

OEUK wants an immediate reduction in windowicware tax to reflect prices and encourage investment in expensive North Sea drilling operations, one person is familiar with the body thinking.

Since 2030, Sector of Oil and Gas Returned to payment only by permanent tax, now set up about 40 percent but will automatically be To make more When wholesale prices have risen to an unusual level.

The start of profits from oil and gas was introduced in 2022 in response to the rise in energy prices after Russia’s invasion of Ukraine.

Last year, the government increased the fee to 38 percent, which led to title taxes for manufacturers up to 78 percent by 2030, as well as deleting their main investment assistance.

“When the price of wind remedies come off and taxes,” the man said, noting that energy prices have fallen to the level of pre-invading.

The government, recognizing previous changes in the oil and gas fiscal mode, hopes to give more confidence investors in the future taxes.

The report emphasizes “historical low yield rates” minus 1 percent a year before June 2024 from the price decrease and production, as well as high taxation.

OEUK also called on the government to “eliminate” the import of liquefied natural gas from UK consumption, supporting more internal production.

About 17 percent of gas imports in the UK were obtained from the US LP, which is four times more than in household gas.

The government said it would not allow new oils and gas licenses but to consider additional production around existing facilities. To enhance the products, adding new licenses, people will need, the person added.

Tessa Khan, UPLIFT Executive Director of the UPLIFT, an organization that supports fossil fuels, has accused the oil and gas industry of “distribution of fantasy”.

“These production figures are possible only if the industry is given even more tax benefits, or the prices are so high that they punish ordinary people who can no longer afford their energy accounts,” she said.

The new domestic products “fixs us to an outdated, expensive energy source is much longer than necessary,” she added.

Rachel Rivz, Chancellor, told the sun on Sunday that development Rosebank and jackdaw Oil and gas fields will go forward despite legal problems for environmental reasons.