NORTH Sea industry leaders have hammered home their belief that the UK needs to boost domestic oil and gas production to reinforce the security of supplies amid the fallout from the Russian assault on Ukraine. OEUK estimates that investment in new oil and gas facilities fell from about £16 billion in 2014 to £5.5bn in 2019. READ MORE: Calls for North Sea windfall tax intensify as BP boss gets £4.5m pay packageMr Dornan said firms could approve a range of North Sea development projects this year if they have confidence that the fiscal and regulatory regimes will provide the required support. Image: OEUKOEUK changed its name from Oil and Gas UK last month following moves by members to expand into sectors such as offshore wind. Oil and Gas UK won Government support for a £16bn North Sea Transition Deal in March last year.

Source: The Herald March 29, 2022 06:38 UTC