\n According to a new independent study, up to 7.5bn barrels of oil and gas could yet be produced from UK waters, which is 3.2bn more than Labour predicts.\n<\/p>\n
\n Offshore Energies UK (OEUK), the leading trade body for the country\u2019s offshore energies industry, says additional domestic production would reduce reliance on imports and protect jobs \u2013 adding \u00a3165bn in economic value.\n<\/p>\n
\n The UK has 7.5bn barrels of oil and gas remaining to produce, 3.2bn more than the government forecasts, OEUK has reported\u00a0(Image: Juan Cuetos) The Climate Change Committee, which advises the government, says even in a scenario where the UK meets all its energy targets on time, homes and businesses will still use between 13bn and 15bn barrels of oil and gas.\n<\/p>\n
\n But current government forecasts suggest the North Sea will produce fewer than four billion barrels, meeting under a third of that need.\n<\/p>\n
\n READ MORE:\u00a0<\/strong>East Anglia’s energy projects in geologically ‘just right’ Goldilocks zone<\/a>\n<\/p>\n \n OEUK has warned that without government support for the oil and gas sector, the country could become dependent on imports for 80pc of its needs within a decade.\n<\/p>\n \n The industry has been calling for continued licences and changes to windfall tax, with the government expected to outline its policies this autumn.\n<\/p>\n \n RECORD LOW<\/strong>\n<\/p>\n \n The UK\u2019s total energy production hit a record low in 2024, importing more than 40pc of its total energy needs from overseas.\n<\/p>\n \n The UK\u2019s offshore basin is naturally declining – with more than\u00a0280 active oil and gas fields today, but around 180 expected to cease production by 2030.\u00a0\n<\/p>\n \n Energy leaders say the production of gas remains critical in the east of England despite the country’s transition to renewable energy.\n<\/p>\n \n \n READ MORE:\u00a0<\/strong>Gas production ‘remains critical’ in East as UK has ‘less than a week of gas left’<\/a>\n<\/p>\n \n Centrica, the owner of British Gas, blamed the shortage on freezing weather, high demand for gas-fired power, and Russia\u2019s decision to cut gas pipeline supplies through Ukraine.\n<\/p>\n \n \u2018NOT ABOUT OIL AND GAS VERSUS WIND\u2019<\/strong>\n<\/p>\n \n David Whitehouse, OEUK\u2019s chief executive, said: “The independent report shows how the UK can make better use of its own North Sea oil and gas to power the country, protect jobs and cut the need for imports – while also accelerating renewables as part of the clean energy transition. \u00a0\n<\/p>\n \n \n \u201cThe UK is at a record 40pc of imported energy, with policy decisions – not geology – driving an accelerated decline in North Sea production.\n<\/p>\n \n \u201cIn an increasingly volatile world, if we act now, the UK can meet more of its oil, gas and renewables needs from homegrown resources \u2013 we need it all.\u201d\n<\/p>\n \n Mr Whitehouse said this approach is already being adopted by countries such as Norway and New Zealand.\n<\/p>\nA North Sea oil rig (Image: Danny Lawson\/PA Wire) In January, UK gas storage levels became \u201cconcerningly low\u201d, with \u201cless than a week of demand available\u201d.\n<\/p>\n
David Whitehouse, OEUK chief executive (Image: OEUK) \u201cThis is not about oil and gas versus wind but about whether we prioritise homegrown oil and gas over imports.\n<\/p>\n