An annual economic report published by Oil and Gas UK (OGUK) stated that in January-March 2021, 56% of the UK’s gas supply to homes and power stations was imported.
With various economic and global factors impacting supply and storage, the UK relied on imported fuel to fulfil its rising demand at the beginning of this year.
Following the release of this statistic, OGUK has stated that it’s vitally important that the UK begins investing in its offshore industry for a managed green transition, otherwise, it would be forced to rely on other countries for its energy needs as we move further towards our net-zero target.
The recent report also provided figures regarding the future of gas and oil production and its economic impact, claiming the industry is gearing up to invest £21 billion into exploration and production before 2026.
Chief executive at OGUK, Dierdre Michie stated: “We all know that change is needed so the question is how fast we make that change. This report shows the reality that cutting off the domestic production of oil and gas faster than we can reduce demand risks leaving us increasingly dependent on other countries.”
This report comes as Scottish Green Party co-Leader, Lorna Slater was quoted urging a turn to sustainable energy sources, she said: “Current models of oil and gas demand neglect to look at how oil and gas demand is manipulated through tax breaks, through direct subsidies.”
She continued: “We do need to phase out oil and gas.”
“We’re definitely going to need to develop our renewable energy potential.”
While gas and oil supply and generation is under debate, Transport and Net Zero Secretary, Michael Matheson announced that £16.5m has been set aside for projects to reduce emissions in the North Sea oil sector.
Mr Matheson said: “We want to secure jobs for the energy workforce […] by seizing the huge opportunities our energy transition and wider journey to net-zero present.”