The UK is losing $44 billion(£28 billion) of tax revenue. The money would be generated from 600,000 barrels of oil a day, claims a leading intelligence and business development consultancy.
Hannon Westwood say the UK Government should be doing more to to attract investment in the North Sea. Jim Hannon, Director at Hannon Westwood, said: “New North Sea oil and gas has a real role to play in managing our transition to a greener economy in term of jobs, taxes and security of supply; but the barriers to new production are immense, and we stand to leave supplies in the ground unless we change the investment landscape.”
90 known UK Continental Shelf discoveries are thought to be capable of coming on stream over the next five years to produce an estimated 2.6 billion barrels of oil.
Hannon Westwood say that accelerating the process will secure 60,000 jobs but would cost around $50 billion in capital expenditure.