Britain could produce enough oil and gas to meet half of its projected needs over the next quarter of a century if North Sea companies are offered the “right environment”, according to the industry body.
Offshore Energies UK said that “certainty on licensing, regulation and globally competitive tax policies” were required for the industry to maximise production, and that some new licences would be needed — despite the government’s stated policy not to issue any.
North Sea production has fallen to the lowest level on record, leaving Britain importing about half of its oil and gas needs.
In a report, Offshore Energies UK said that on current plans Britain was on track to produce the equivalent of only 4 billion barrels of oil from
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