Britain sitting on £150billion of oil and gas that could power country for the next 25 years
BRITAIN is sitting on a glut of oil and gas that could provide half of our needs for the next 25 years and add £150billion to the economy, say experts.
Despite the push for green energy, the UK will still require 13 to 15 billion barrels of oil and gas between now and the net zero target in 2050, according to the independent climate change committee.
Offshore Energies says the UK, which currently produces 4 billion barrels of oil and gas, could produce a further 3 billion – making up half of the nation’s needs if there was “pragmatic policy”.
At the moment, UK’s total energy production has hit a record low, but our domestic oil and gas resources could be used rather than rely on expensive and more polluting imports of liquefied natural gas.
Around 40 per cent of the UK’s energy is imported.
The UK’s production of oil and gas is in sharp decline, dropping 11 per cent a year with Offshore Energies UK blaming regulatory volatility and uncertainty about the future of the North Sea basin.
A major ruling on the future of Shell and Equinor’s Rosebank and Jackdaw is now waiting for a government verdict.
David Whitehouse, boss of Offshore Energies UK, said 2025 was a “pivotal” moment for the UK. “While the UK needs oil and gas it makes sense to utilise our own resources responsibly alongside the acceleration of renewables,”
He said “Secure homegrown oil and gas alongside renewables pays taxes, supports jobs and safeguards supply chains.
“In an increasingly volatile world the widening gap between the energy we produce and what we import matters”.
