“Britain’s natural gas production is falling faster than expected, leading to greater reliance on imports, ”, — write: www.epravda.com.ua
Britain’s natural gas production is falling faster than expected, leading to greater reliance on imports,
About this informs industry group Offshore Energies UK (OEUK), reports Bloomberg.
According to Ross Dornan, market intelligence manager at OEUK, production has fallen by around 13% this year to August, and similar rates could be seen throughout 2024. This compares with a forecast of a 10% decline earlier this year for the UK’s North Sea basin.
OEUK is reportedly seeking some support for domestic energy investment in the government’s Autumn Budget, due on October 30. The previous Conservative government introduced an emergency tax on oil and gas profits during the energy crisis two years ago, and Labor plans to increase the tax further to close the fiscal gap.
The UK’s new tax system could see investment in the oil and gas industry fall by 80% over the next five years, according to OEUK.
The group notes that Shell Plc’s Victory gas field in the North Sea could be the only one for which a final investment decision will be made in 2024.
Britain’s energy production is now equivalent to just 60% of demand, the group said this month.