The introduction of a windfall tax has been blamed for the lack of interest in British waters.
Offshore companies reduce their spending in the North Sea, leading to a decrease in oil production.
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. While environmental groups are praising the drop in funding, energy experts are concerned about what this means for the U.K.’s energy security, with some suggesting it may have to rely on foreign fossil fuels to meet its needs.
Several environmental groups are suggesting the investments bound for the North Sea could be better used in renewable energy projects. This would both help the U.K. to ensure its energy security as well as accelerate the green transition by cutting fossil fuel use and carbon emissions. However, several industry experts see fossil fuels as playing a huge part in the U.K.’s mid-term energy security.
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