(WO) — Main commerce physique Offshore Energies U.Ok. (OEUK) urges the Chancellor to make use of subsequent week’s Autumn Assertion to again the U.Ok.’s homegrown offshore vitality sector and make the U.Ok. an irresistible place for vitality funding.
North Sea oil and fuel is a strategic financial asset that has supplied a nationwide dividend via vitality and financial safety for the final 60 years. The North Sea and its professional workforce can proceed to energy the nation for many years to come back.
OEUK evaluation revealed final month highlighted that the proposals to increase the windfall tax on the oil and fuel sector will deter the very funding wanted throughout our vitality panorama. There’s a extra affluent path for presidency and Business. Whereas we use oil and fuel, we should prioritize funding in our homegrown manufacturing, worth in our financial system and jobs.
A letter from 46 provide chain firms to the Authorities has set out the dimensions of the problem they face. The Chancellor is urged to make use of the Autumn assertion to help and nurture the ecosystem of small, medium and huge firms throughout the U.Ok.’s vitality combine.
“We acknowledge that the calls for on the Exchequer are difficult. Unlocking financial progress is the answer, and constructing on industrial strengths is essential to our path ahead,” stated David Whitehouse, CEO of OEUK. “The North Sea is a strategic nationwide asset and have to be handled as such. Our homegrown offshore vitality sector has powered the U.Ok. for the previous 60 years, and the sector’s companies and expert persons are essential to our vitality future as drivers of financial progress.
“We welcome steps to speed up the deployment of renewable vitality, and the popularity that we’ll use oil and fuel for many years to come back. Windfall taxes prolonged on oil and fuel producers when no windfall exists deter the very funding that we’d like throughout our vitality transition. Whereas we use oil and fuel, we should absolutely prioritize funding in our homegrown manufacturing, worth in our financial system and our jobs.
“Prior to now 100 days, it has been good to see the engagement of our new Authorities with the proud and progressive staff and companies in our offshore vitality trade. The Authorities has heard from folks throughout the sector, and now selections might be made.
“On Wednesday, the Autumn Assertion might be a marker. We’re in a worldwide race for vitality funding. Allow us to select the trail that encourages and attracts it, to construct on our nationwide strengths, so the entire of the U.Ok. can win.”
About OEUK
Offshore Energies U.Ok. is the main commerce physique for the U.Ok.’s offshore energies trade. Its membership consists of over 400 organizations with an curiosity in offshore oil, fuel, carbon seize and storage, hydrogen and offshore wind.