The UK must prioritise homegrown energy production over imports to support jobs, protect consumers and grow the economy.
That's the message from David Whitehouse, chief executive of OEUK, the leading voice of the UK offshore energy industry. OEUK’s flagship Business Outlook report next month will show that there are still significant oil and gas resources available in the waters off the coast of Britain – supplies which the trade body says should be carefully managed to prevent increasing reliance on energy imports.
Without fresh investment into ongoing production, the UK will be reliant on imports for as much as 80% of its needs by 2030 and without corresponding value to economy, the organisation says.
Official statistics show that UK total energy production hit a record low in the third quarter of 2024 and that the UK imported over 40% of its total energy needs from overseas.
The report will also include analysis on how the UK can better meet ambitious targets to expand production of renewable power and fuels.
OEUK’s annual Business Outlook offers a comprehensive overview of the UK offshore energy investment landscape, with the data in the report used by companies to help decide if they will invest in projects here.
Chief executive David Whitehouse said:
‘The UK has significant oil and gas resources, and these should be produced responsibly alongside an acceleration in supplies of renewable energy to avoid over reliance on imports.
“The import gap between what we produce ourselves and what we need to ship and pipe from abroad is particularly concerning in an increasingly volatile world. We need homegrown energy.
“Meeting even half of the country’s projected demand for oil and gas on our journey towards net zero would add over £200 billion of value to the UK economy, support highly skilled jobs across the country, all while meeting the UK climate goals.
“This homegrown energy future is more reliable, better for our economy, better for our jobs and can be produced with fewer emissions.”
