Using North Sea offshore gas reserves saves the UK money

08 Apr Using North Sea offshore gas reserves saves the UK money

The UK saved approximately £2.5 billion last year by utilising its own offshore gas reserves instead of importing liquified natural gas (LNG), according to analysis by investment bank Stifel.
Stifel anticipates even greater savings this year, primarily due to a more than 50 per cent surge in global LNG prices following the Iran conflict.

Calls for increased North Sea oil and gas drilling are met with opposition, with the Energy and Climate Intelligence Unit (ECIU) highlighting that around 90 per cent of the region’s gas has already been extracted. The debate over new North Sea drilling is causing political pressure, with Labour’s Ed Miliband reportedly not approving new projects.

Critics, including the ECIU and Uplift, argue that additional domestic oil and gas production will not reduce UK energy bills, as prices are set by international markets. Related News