Offshore Energies UK (OEUK) warns of a potential £450 billion loss in the domestic offshore energy market by 2040 without stable policies and competitive taxes.
The report emphasises the need for policymakers to bolster investor confidence to seize opportunities, highlighting significant contributions from various energy projects.
OEUK’s report suggests that oil and gas projects could contribute £145 billion to the UK’s supply chain, alongside offshore wind farms generating £260 billion worth of work, new hydrogen projects £25 billion and carbon capture and storage (CCS) technology bringing in £34 billion.
OEUK calls for supportive policies to safeguard jobs and energy security while delivering cleaner and affordable energy for the UK.
OEUK Chief Executive Officer David Whitehouse said: “The UK has a £450 billion domestic energy opportunity that could transform the economy and support jobs – but warning lights are flashing.
“Our report shows a homegrown energy transition can generate a £450 billion domestic opportunity for UK firms by 2040 that could kickstart growth across the UK economy. But investors, firms and workers need stability, predictability and fair returns to build a low carbon future here and keep jobs in the UK.
“We are in a global race for investment and UK energy companies need supportive long-term policies, a stable tax regime and responsible rhetoric from all sides.
“Our journey to net zero and beyond depends on responsibly making the most of our oil and gas production, which is at record lows. We are facing a situation where we must import energy that could have been produced here and where we must rely on supply chain companies that could have been based here.”
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