UK Could Almost Double Oil, Gas Output With Reforms: OEUK

The UK could produce nearly twice as much oil and gas over the next 25 years from its aging North Sea basin compared to current projections, if fiscal and regulatory regimes change, according to an industry lobby group.

The UK can unlock an additional 3.5 billion barrels of oil equivalent across 111 projects if the government revises its licensing approach, scraps a controversial windfall tax and replaces it with a permanent price-triggered mechanism sooner rather than waiting until March 2030, according to Offshore Energies UK’s annual Business Outlook Report.