UK oil industry needs investment and policy support
According to reports, UK North Sea oil production could be 30% more than previously expected by 2030 if $25 billion is invested to stem the decline in production.
This is according to a report released by British offshore energy company OEUK in mid-June. OEUK said in the report that investment in offshore energy could increase from $16.5 billion to more than $25 billion if appropriate policy support is provided.
Offshore energy sources mentioned by OEUK include: oil, natural gas, hydrogen and offshore wind power. OEUK said that through policy support, the UK oil industry can provide lasting economic value, expand supply chains, stabilize employment and ensure energy security, while achieving climate targets.
Bloomberg quoted a forecast from the British oil and gas industry regulator that the UK's current oil production is about 1.2 million barrels per day, but by 2030, the daily oil production will drop sharply to 700,000 barrels.
According to statistics released by OEUK, if investment continues to flow into the British oil industry, British daily oil production may increase by 30% by 2030 compared with current estimates. But to achieve this, North Sea oil and gas operators need support from the UK government.
There are few differences between Britain's Labor and Conservative parties on the issue of energy transition, but the latter has said it will continue to support oil and gas production and even support the issuance of new oil and gas exploration licenses.
