OEUK news

Offshore Energies UK shares industry’s concerns with Shadow Chancellor Rachel Reeves MP

24 February 2024

Offshore Energies UK chief executive David Whitehouse met Rt Hon Rachel Reeves MP, Shadow Chancellor of the Exchequer, and her team this week to his share members’ concern over the impact of Labour’s latest plans for the future of the UK’s offshore energy sector.

OEUK CEO David Whitehouse said:

“We were pleased that the Shadow Chancellor is taking seriously this dialogue and is leaving the door open for future discussions.

“Over the last few days, we’ve heard our members reaction to the implications of this policy for jobs and future investment. What we also heard was a recognition that a successful homegrown energy transition has the biggest potential to deliver the economic growth the country needs.

“If we get this right, with an attractive investment environment, UK offshore energy companies could invest £200bn in homegrown energy this decade alone. That’s investment in the oil and gas we need, and the offshore wind, hydrogen and carbon storage we need to get to net zero.

“We are committed to constructive dialogue with all parties. There is a path forward.”

The meeting came in the same week as the leading trade organisation held emergency talks with its membership which comprises more than 400 UK-wide offshore operators and energy supply chain companies. Talks focused on the need to maintain current and future investments across the UK’s oil, gas, wind, carbon capture and hydrogen projects.

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