- Offshore Energies UK (OEUK) has urged the British Government to urgently boost domestic oil and gas production from the North Sea, citing energy security and environmental concerns.
- A new OEUK report suggests that gas extracted from the North Sea has a lower emissions footprint than imported liquified natural gas (LNG) and is crucial for the UK's energy needs for decades.
- The organisation warns that without increased domestic supply, the UK risks growing dependence on energy imports, with projections indicating reliance on imported LNG could reach nearly 50 per cent by 2035.
- OEUK advocates for replacing the temporary energy profits levy with a permanent oil and gas price mechanism to unlock up to £50 billion in capital investment and reduce reliance on volatile international markets.
- The UK Government, however, argues that issuing new licences will not guarantee energy security or lower bills, as oil and gas prices are set globally, while Scotland's Climate Action and Energy Secretary supports a just transition alongside North Sea production.
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