Oil and gas expert Professor Alex Kemp said the Elgin platform leak was unlikely to have much impact on household bills.
But it did take a big chunk out of the value of Total’s shares, which were down by nearly 7% in New York last night, and wholesale gas prices rose due to the leak and other recent supply disruptions.
Prof Kemp, professor of petroleum economics at Aberdeen University, said any loss of gas supplies from Elgin or other North Sea platforms hit by the leak would be made up by imports.
The warmer weather meant there was also reduced demand for gas from UK consumers, he added.
Prof Kemp said: “This should not cause a big disruption in gas supplies.
“Looking ahead, the UK requirement can be met from other sources.
“There could be a little bit of a price increase in the wholesale market but it should not be a big issue.”
On the prospects for household fuel bills, Prof Kemp said: “I do not think there will be a problem in that regard.”
But he warned the Elgin leak could give “ammunition” to those people pushing for offshore health and safety to come under the remit of the European Union.
Draft proposals for offshore safety regulations put forward by the European Commission in the wake of the Gulf of Mexico disaster in 2010, in which 11 people died, have already caused uproar in the UK.
Britain’s offshore industry is widely seen as having a robust safety regime, much of it dating back to recommendations made by Lord Cullen following the Piper Alpha disaster in 1988.
Industry body Oil and Gas UK has said the EC proposals seriously risk undermining Britain’s high safety and environmental standards.
Prof Kemp said lessons needed to be learned from the Elgin incident, adding: “I am anticipating that operators will review their precautions and remedial processes to deal with gas leaks. There have been gas leaks before but this one is causing more problems.
“The Health and Safety Executive will also examine what lessons can be learned. There may be changes to regulations.”
Recommended for you
