LONDON, Sept 7 — Britain’s oil and gas industry body called for new drilling licenses in the North Sea and rapid investment in the sector to mitigate the impact of high prices on consumers as the country grapples with the worst energy crisis in decades.
Offshore Energies UK , an industry body for offshore oil, gas, hydrogen and wind producers, warned that Britain could face potential energy shortages this winter while global prices could remain high for at least three years. OEUK said in a report published today that the increase could be “short-lived” without a surge in investment. The industrial body sees a potential for £26 billion capital investment in oil and gas sector by 2030.
Green groups have argued ramping up Britain’s oil and gas extraction is at odds with its climate target of reaching net zero emissions by 2050.