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12:00 AM 11th July 2024
business

King's Speech Must Set Out A Path That Supports UK Offshore Energy Industry

 
Image by Julia Schwab from Pixabay
Image by Julia Schwab from Pixabay
The UK offshore energy industry expects the new Labour government to deliver on its commitment to work in partnership with industry as details of its programme for government are published in the King’s Speech next week.

Offshore Energies UK (OEUK) represents over 400 organisations involved in energy production from the seas around the Britain’s coast. Its members includes gas, oil, wind, hydrogen and carbon capture specialists and a significant supply chain supporting projects across the sector. .

As MPs are sworn into parliament ahead of the Government’s first King’s Speech next week, OEUK said member companies are deeply concerned about the impact of proposals for a further windfall tax and an end to new oil and gas licences.

The details of these proposals alongside improvement to the regulatory and fiscal environment, will be key to achieving the full potential for the UK to deliver a homegrown energy transition.

A recent independent report commissioned by OEUK found the UK oil and gas supply chain possesses most of the technical capabilities needed to develop the country’s low carbon energies – provided there is a favourable investment and regulatory environment.

OEUK Chief Executive David Whitehouse said:

“The new Government says it has put partnership working at the heart of its agenda and we have welcomed that. But we remain deeply concerned that some of the new proposals being put forward for our industry will undermine the very same homegrown energy transition we all want to deliver.

“Labour’s leadership has recognised that North Sea oil and gas will be with us for decades to come and they have committed to managing this strategic national asset in a way that does not jeopardise jobs. They now need to deliver on their commitment to support our industry and work in partnership with us.

“Through working together with the sector, we can create the conditions which unlock investment, support our supply chain companies, underpin jobs and grow the economy. The best path to this growth is through supporting our companies and people here in the UK."