North Sea energy firms report declining UK investment confidence
A survey of 121 energy-sector organizations found most still see long-term potential in the North Sea if fiscal and regulatory settings remain stable. Several operators said overseas markets are expected to overtake domestic revenue within five years.
rigzone.comA report released today by the Aberdeen & Grampian Chamber of Commerce surveyed 121 organizations tied to North Sea operations and found that 93 percent believe oil and gas activity can continue if appropriate fiscal and regulatory conditions are maintained.
Nearly nine in ten said new licences should be issued only where operators can demonstrate lower emissions than imported alternatives and greater domestic economic value.
Key Facts
Story Timeline
3 events- Today
Aberdeen & Grampian Chamber of Commerce released Energy Transition Report based on 121 organizations.
1 sourceGB News - Earlier this month
Energy Independence Bill announced in the King's Speech.
1 sourceGB News - Recent months
Legal objections halted drilling plans at Rosebank and Jackdaw fields.
1 sourceGB News
Potential Impact
- 01
Work at two licensed fields remains suspended pending regulatory decisions.
- 02
Domestic revenues from North Sea activity may be overtaken by overseas markets within five years.
- 03
Operators may redirect capital to jurisdictions with clearer long-term policy signals.
Transparency Panel
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