OEUK: 111 North Sea Projects, £50bn at Stake in Tax Fight — SkimNews
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- Offshore Energies UK says scrapping the Energy Profits Levy by January and approving the Rosebank and Jackdaw fields could unlock 111 North Sea projects attracting £50bn of investment.
- OEUK argues the UK could supply half its oil and gas needs domestically, noting that domestic supplies are projected to meet only about a third of demand until 2050 as North Sea output declines.
- OEUK wants the current EPL replaced by an Oil and Gas Revenue Levy triggered only when prices spike, saying the existing levy has stifled investment — last year, for the first time since North Sea production began, no exploration well was drilled.
- Environmental group Uplift called the report a "fantasy," said the North Sea is an "ultra-mature" basin with little reserves left, and noted that most oil produced is exported rather than used domestically.
- The UK government has banned new exploration licenses in UK waters but says it is giving the sector certainty with plans to replace the EPL when it ends in 2030; Conservative energy spokesperson Andrew Bowie called refusing to approve Jackdaw and Rosebank "madness."
- The Rosebank and Jackdaw developments were both previously approved under the Conservative government but were challenged in Scottish courts on environmental grounds, putting other potential projects on hold pending the decisions.
Why it matters: The dispute puts the Labour government between an industry warning that 180,000 jobs and £50bn in investment hinge on tax and licensing decisions, and environmental groups arguing new drilling will not lower bills because most UK oil is exported anyway. The pending Rosebank and Jackdaw rulings are gating 111 other projects.
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