OEUK news

Response on Cambo licence extension

30 March 2022

Offshore Energies UK (OEUK), whose 400 members embrace established industries like oil, gas and offshore wind, plus emerging technologies like hydrogen production and CO2 capture, all operating in UK waters, welcomed the decision to extend the licence for the Cambo oil and gas field.

Mike Tholen, sustainability director at OEUK, said:

“The UK relies on oil and gas for 75% of its total energy so it makes sense to produce as much of our own needs as we can, and as cleanly as we can.

“The global energy crisis triggered largely by the tragic events in Ukraine has shown us the importance of minimising reliance on imported energy.

“But at the moment UK gas and oil production is declining at about 15% a year which is much faster than the predicted reduction in UK energy demand.

“Last year the UK had to import 62% of its gas and this could reach 80% by 2030 – so investment in exploration, new fields and wells is important to protecting the UK’s future energy security whilst meeting our climate targets.”

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