Half of UK oil and gas demand can be produced at home, says industry body

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Financial Times 1d ago

Half of UK oil and gas demand can be produced at home, says industry body - Financial Times

Quick Summary:

The UK could produce half of its projected demand for oil and gas domestically under the “right business conditions”, reducing an increasing reliance on more carbon-intensive imports, an industry body has said.

The levy on oil and gas profits was introduced in 2022 in response to soaring energy prices after Russia’s invasion of Ukraine.

About 17 per cent of the UK’s gas imports were last year sourced from US LNG, which has a carbon intensity four times that of domestic gas.