A leading figure in the oil and gas industry has said the sector can play a key role in the transition to green energy
Mr Whitehouse added that a failure to protect domestic production would leave the UK reliant on more expensive and greater-polluting imports, and threaten thousands of jobs, particularly in small communities. “In a world where there is a genuine cost-of-living crisis, we need economic value in our society, and if the path forward is economic growth then we want policies that recognise that and support all sectors.”
Currently the industry provides about half the UK’s fossil fuel needs, with three-quarters of domestic energy dependent on oil and gas. He added: “By the end of the decade we will still have millions of homes reliant on gas for heating and cooking and if we don’t continue to invest in domestic supplies then will we will be relying on somewhere in the region of at least 80% on imports.
The report identified an urgent need for “strategic action” to enable supply chain companies to seize a projected 4% annual increase in spending on these new technologies.