Report Warns of 100,000 North Sea Energy Jobs at Risk Due to ‘Political Instability’
The report from Aberdeen and Grampian Chamber of Commerce highlighted that industry confidence is decreasing, attributed to high taxes and the looming potential exploration ban.
According to a report, the upcoming government will have a limited window of “100 days to save 100,000 jobs” in the North Sea energy sector as UK companies contemplate withdrawing their investments.
The Chamber forecasted that the winning party in the July 4 election needs to restore confidence within 100 days to avoid losing £30 billion in investments.
Political Instability
As per NatureScot, Scotland is a significant oil and gas producer in Europe, with most activities taking place offshore beyond 12 nautical miles from the coast.
In 2022, the UK Conservative government introduced a tax on oil and gas companies’ windfall profits, extending it till 2029 in the recent Budget announcement by Chancellor Jeremy Hunt.
While aiming for net zero by 2050, the UK government acknowledged the continued reliance on domestic oil and gas production in the coming decades.
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