UK Oil Industry Demands Policy Changes to Boost Domestic Production

The UK's oil and gas industry is calling for policy changes to boost domestic production and reduce reliance on imports. According to an industry report, the UK could supply half of its oil and gas needs without imports if the government shows more support.

North Sea output has been falling, with projections suggesting that domestic supplies will meet only about a third of demand until 2050. The OEUK report argues that fiscal reform and a pragmatic approach to licensing could unlock investment and improve long-term energy security.

The industry is also pushing for the scrapping of the Energy Profits Levy (EPL), which is due to be replaced in 2030, to be accelerated by January next year. The replacement Oil and Gas Revenue Levy would only be triggered when prices spike.

Environmental group Uplift has branded the report a 'fantasy' and criticized the industry's demands as 'self-interested'. They argue that instead of investing in new oil and gas projects, the UK should focus on renewable energy sources to reduce its reliance on fossil fuels.