LONDON — Industry association Offshore Energies UK (OEUK) has responded to a briefing to the UK House of Commons, which showed in June that Britain imported no oil, gas or coal imports from Russia.
OEUK said removing Russian supplies would have long-term pricing repercussions over the next few years and called on the UK government to develop a long-term energy policy that would sustain the majority of domestic gas needs.
Other new figures show the UK’s trade deficit recently reached its highest level as a share of GDP since records began, due partly to the fact that Britain imports much more oil and gas than it exports.
And UK offshore oil and gas production continues to decline, with the industry now supplying half of domestic gas needs and the equivalent of more than 80% of its oil.
OEUK Energy Policy Manager Will Webster said, "In the short and medium-term, governments must support oil and gas in UK waters and carefully manage already declining production levels. At the same time, these same companies are also building the energy system of the future including expanding renewables to meet more of the UK’s electricity needs, while also developing hydrogen and carbon capture, which could play a role in domestic heating and industrial power.
“We are seeing the reality of how complicated the transition to a lower carbon energy future will be, with a clear need to manage supply and demand as a whole and not in isolation. The transition is a necessity, which is why we continue to emphasize the need for consensus on a long term and comprehensive energy strategy, which prioritizes production of energy in the UK and accelerates the transition for industries and consumers.”