Maximising recovery of North Sea oil & gas
As Carbon Brief highlight:
“While the UK is in the midst of a low-carbon transition, that doesn’t mean it has stopped the extraction of fossil fuels. In fact, combined coal, oil and gas production rose in 2015, the first annual increase since 1999. Within this increase, coal extraction fell by 26% year-on-year.”
The issue here is the government’s support for our oil and gas industries.
“The government has made it a legal obligation to draw up strategies to “maximise economic recovery” of UK fossil fuel resources. As chancellor, George Osborne introduced a series of tax breaks designed to meet this obligation. The exchequer is actually paying some oil majors, as they can reclaim tax paid in previous years to offset the costs of decommissioning North Sea assets.”
- Why the UK government’s fracking payout claim is just not true [Damian Kahya, Enegydesk, 8 August 2016]