Responding to the publication of the UK Government consultations on the future fiscal and licensing regimes for the North Sea, Russell Borthwick, Chief Executive at Aberdeen & Grampian Chamber of Commerce, said:
“The UK is expected to use 15 billion barrels of oil and gas between now and 2050 but will produce less than four billion.
“With the right fiscal and regulatory environment, we know that the UK could unlock an additional four billion barrels which, while still not meeting domestic demand, would add over £200billion to the economy, support jobs, and drive investment into the UK’s energy supply chain.
“These are the pragmatic decisions the UK needs right now as it faces low growth and global tensions which have the potential to disrupt energy supplies.
“New fields are compatible with our climate ambitions and just last week the Climate Change Committee predicted that emissions from domestic production will fall a further 40% between now and 2040, even with new North Sea fields.
“It is a settled fact that we will continue using oil and gas for up to a fifth of our energy out to 2050, so we now face a choice: do we produce our own and reap the economic benefits, or do we simply import that energy from elsewhere.
“Let’s push our government to make the right choice.”
