Boris Johnson has hosted the leaders of the UK oil and gas industry at Downing Street to discuss how to achieve “greater energy independence” for Britain.
The Prime Minister discussed “boosting supply of domestic gas” from the North Sea and how the UK can remove barriers being faced by investors and developers so this can be achieved more quickly.
BP, TotalEnergies, Shell, Harbour Energy, Neptune Energy, Equinor and Esso were among the attendees, along with the Oil and Gas Authority and Offshore Energies UK (OEUK), among others.
The roundtable comes as the UK Government is expected to produce its new energy supply strategy – reportedly as soon as next week – with renewable energy, nuclear and domestic gas “all a crucial part of achieving its aims”.
All parties agreed to accelerate ways to boost supply of domestic gas, Number 10 said in a statement released today.
A picture released on Boris Johson’s twitter feed includes OEUK CEO Deirdre Michie and BP CEO Bernard Looney.
Good to meet with leaders from the oil and gas industry today – which has an important part in producing the energy we need to move away from Russian hydrocarbons and transition to a more stable, sustainable and cleaner energy future. 1/2 pic.twitter.com/D9v467IOiw
— Boris Johnson (@BorisJohnson) March 14, 2022
It comes as household bills and prices at petrol pumps surge in the wake of the Russian invasion of Ukraine, and as the UK weans itself off of Russian supply.
Imports of oil from the country, which account for 8% of UK supply, have been sanctioned. Business Secretary Kwasi Kwarteng has said he’s assessing ways of removing Britain’s 4% dependence on Russian gas.
Critics have been quick to point out that any new oil and gas projects would take years to come online and policies of energy efficiency would be more effective to tackle the near-term surge in household bills as the price cap is due to rise in April and October.
However, academics have pointed to the benefit of having all options on the table, as well as the value of protecting domestic supply.
Oil and gas leaders also spoke with Boris Johnson on the industry’s role in developing low-carbon hydrogen and carbon capture projects – both covered in the North Sea Transition Deal signed last year.
Kwasi Kwarteng, energy minister Greg Hands, chancellor of the Duchy of Lancaster Steve Barclay and chief secretary to the Treasury Simon Clarke also attended.
Other members of the oil and gas industry in attendance included Blackstone Energy Partners, Bluewater Energy, Carlyle International Energy Partners, Greenergy and Prax Group.
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