Offshore Energies UK (OEUK) has underlined the need for fiscal and regulatory stability as Rishi Sunak prepares to enter Number 10.
It was confirmed on Monday that the former chancellor would take over the reins from former-Prime Minister Liz Truss, just two months after he failed to beat her to the job.
Mr Sunak will now form a government and appoint ministers.
His appointment has been greeted by OEUK as a chance to refocus attention on the crucial issues facing the nation.
That includes helping people pay their winter energy bills, and keeping the lights on in the face of Europe-wide gas shortages.
The trade body says it is “ready to work” with the new government, and praised Mr Sunak for recognising the “profound economic challenge” that faces the UK.
In the longer term, OEUK has urged him to use the gas and oil remaining in the North Sea to provide energy during the transition to net zero.
Deirdre Michie, OEUK’s outgoing chief executive, said: “We wish Rishi Sunak the best. We are already in very challenging times and energy is at the top of the agenda. Global energy prices are rising, and UK consumers face surging bills at the coldest time of year. Energy security is also critical as Putin tries to create further shortages across Europe.
“OEUK’s members are protecting the UK from many of the worst impacts of those shortages by producing energy for the whole nation. They will keep doing that in the tough times ahead. We work with politicians of all parties, now including Mr Sunak’s administration, and we look forward to meeting him and his team.
“When we do, we will be making a powerful case around the need for stability in the fiscal and regulatory regimes governing the UK’s offshore sector. The UK needs to secure billions of pounds for offshore investments if it is to keep producing the gas, oil and offshore wind, plus other low-carbon energies, needed for future growth and productivity, and especially for the transition to net zero.
“The scale and longevity of that investment means it is critical to establish a sustainable and competitive fiscal regime in the timeframe of this parliament, to secure the UK’s energy future.”
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