UK must allow new oil and gas fields or face future shortages, trade body says

OGUK said blocking oil and gas projects would leave consumers more exposed to soaring energy bills

Blocking proposed oil and gas fields would risk leaving consumers more exposed to soaring energy bills and fuel shortages.

That’s according to analysis by the trade body OGUK which suggests that if new oil and gas projects do not move forward, domestic production will plummet.

The report predicts that gas output could fall up to 75% by 2030.

That would leave the UK heavily reliant on imported energy, the OGUK suggests.

According to the latest official figures, the UK paid Norway £5.2 billion for gas and £6.1 billion for crude oil, Russia £524 million for gas and £3.2 billion for oil and the US £2.8 billion for crude oil.

Last week, Nicola Sturgeon said the Cambo oil gas field should not be given the go-ahead.

During COP26Wales vowed to stop licensed oil and gas production as part of its membership in a new global alliance of countries pledging to phase out fossil fuels to fight climate change.

Deirdre Michie, Chief Executive of OGUK, said: “The UK’s offshore oil and gas industry is committed to helping the UK government meet its ambitious net zero goals.

“We accept all the science around climate change and the need to cut emissions, but this transition must be managed.

“If we cut our own supplies of gas and oil faster than we can reduce demand then we will have to import more of what we need. Our import bills will go up without any reduction in emissions.”

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