Allowing new oil and gas fields would add £200 billion to UK economy

The projects, Rosebank and Jackdaw, can proceed with development work, though production will not begin until the EIAs are approved. The UK Government has pledged to finalise new guidance on these assessments within months. This follows a court ruling last summer which established that companies must consider emissions from end use of fuels, not just those from their production.

The industry supports a legally robust, practical framework in line with this ruling. The UK Government is consulting on this issue and clarity is needed urgently.

The North Sea has been producing oil and gas for more than 50 years and still significant oil and gas reserves remain around UK offshore waters. These reserves should be used responsibly alongside renewable energy.

Industry committed to net zero

Offshore Energies UK today reinforced official data showing that the UK is expected to use 15 billion barrels of oil and gas between now and 2050 but will produce less than four billion. Unlocking an additional four billion barrels, while still not meeting domestic demand, would add over £200 billion to the economy, support jobs, and drive investment into the UK’s energy supply chain.

Renewables are a key part of the future, but for now, 85 per cent of homes and more than 75 per cent of vehicles rely on gas and petrol respectively. UK-produced oil and gas has a lower carbon footprint than many imports and must remain part of the mix during the transition.

The industry is committed to net zero by 2050 and is making real progress. UK offshore oil and gas producers have cut emissions by 28 per cent since 2018 and are on track for a 50 per cent reduction by 2030.

Domestic oil and gas reserves are a strategic national asset. We are in a critical period for shaping the future of the North Sea, the UK’s energy system, the future of those working in the sector, the communities that depend on those jobs, and the wider UK economy. We must get this right.

Mark Wilson is health, safety, environment and operations director of Offshore Energies UK (OEUK)