Uk Offshore Oil and Gas

Uk Offshore Oil and Gas

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Whilst the UK economy must decarbonise if the country is to meet its obligations to tackle climate change, and use of fossil fuels must diminish, the UK will still need to use the oil and gas resources remaining in the UK continental shelf. With much of current electricity generating capacity set to close over the next decade, the UK Government is right to focus on achieving affordable, secure and sustainable energy supplies as a key challenge. The Government's priority should be security of supply, within the context of moving to a low carbon economy. However, proper account must also be taken of both the immense tax revenues paid by the industry and the 350, 000 people whose employment rests upon it. The oil and gas industry operating on the UK continental shelf currently faces high costs, low prices, lack of affordable credit and a global recession. Unless the fiscal and regulatory regime is well designed and highly attractive then the likelihood is that the UK may not recover as much of its reserve as would be desirable. The difficulties in accessing affordable lending could cost 50, 000 jobs. The Committee is not convinced that the filed allowance and other measures announced in the Budget are sufficient either to create the competitive environment needed by the industry or to provide a strong enough incentive to exploit fully remaining resources. The Government should instigate and fund a comprehensive survey of the marine environment and its wildlife west of Shetland in order to evaluate the full potential effect of intensive oil and gas recovery activities in the area.... of production, such as an across-the board capital uplift or a reduction in (or the removal of) the supplementary charge. ... chargeable gains regime within the North Sea ring-fence to remove chargeable gains entirely from licence swaps andanbsp;...

Title:Uk Offshore Oil and Gas
Author:Great Britain: Parliament: House of Commons: Energy and Climate Change Committee, House of Commons
Publisher:The Stationery Office - 2009-06-30


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