According to the industry body Offshore Energies UK, investments in the North Sea have dipped significantly. This could result in much lower oil production by the end of the decade unless the government can attract greater investment to the sector. Offshore Energies found that 90 percent of offshore firms had reduced their spending in the North Sea, amounting to billions in total. Several environmental groups are suggesting the investments bound for the North Sea could be better used in renewable energy projects. The U.K.’s windfall tax has been blamed for deterring greater investment in North Sea oil and gas operations, which could negatively affect the country’s energy security.

Source: The North Africa Journal April 06, 2023 18:46 UTC