New survey to examine investor confidence in North Sea energy sector

04/09/2023

A FLAGSHIP survey of the North Sea energy sector is set to examine whether enough is being done by policymakers to restore investor confidence as the UK accelerates towards net zero.

The launch of the survey comes at a key moment for the sector, as the Prime Minister Rishi Sunak – the architect of the windfall tax while Chancellor of the Exchequer – has sought to boost inward investment with a series of policy interventions in recent weeks.

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As well as financial support for the Acorn carbon capture project in Aberdeenshire, the UK Government has also signalled strong backing for future oil and gas development on the UK Continental Shelf.

However, with profits continuing to be eroded by the Energy Profits Levy (EPL), many firms appear to be pausing investment to see what the fiscal environment will look like after the next General Election, and beyond the EPL’s 2028 sunset date.

Amid this backdrop, Aberdeen & Grampian Chamber of Commerce has launched the 38th edition of its energy sector survey, which has been tracking industry trends since 2004. 

Energy Transition 38 – which is being delivered in partnership with KPMG and Energy Transition Zone Ltd – will examine current confidence levels in the sector, as well as investment in the energy transition and access to skills. 

The survey goes live today and runs until September 29. All survey responses are completely confidential and will not be attributed to individuals or their companies in the final report.

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