Overview

• The North Sea could supply half of the UK’s oil and gas needs by 2050, but only with new exploration projects, according to Offshore Energies UK (OEUK).
• Current projections show the UK will produce just 4 billion of the 13-15 billion barrels of oil and gas it will need by 2050, falling short without additional development.
• Unlocking an additional 3 billion barrels could add £150 billion to the UK economy and reduce reliance on higher-emission imports like liquefied natural gas (LNG).
• Labour’s government has upheld its policy against issuing new oil and gas exploration licenses, citing the need to prioritize renewable energy development to meet climate targets.
• Industry experts highlight that domestic production has a lower carbon footprint than imports and could play a critical role in ensuring energy security as oil and gas are expected to account for 20% of energy consumption in 2050.