Labour has been urged to ‘take back control’ of Britain’s oil and gas supply as turmoil sparked by the Middle East conflict adds to worries about energy security.
In a report, North Sea industry body Offshore Energies UK (OEUK) is calling for the punishing windfall tax on energy producers to be replaced this year.
That will unlock £50billion of extra investment in the sector, boosting domestic supplies as well as tax revenues, the report argues.
It comes at a time when supplies of oil and liquid natural gas (LNG) from the Middle East are being choked off as a result of the conflict.
Ben Ward, of OEUK, said: ‘We have an opportunity to take back control of energy supply during a period of heightened geopolitical instability and global supply shortages.’
Ward said Britain’s reliance on imports has increased as domestic production has declined.
OEUK is calling for the Government to bring forward reform of the Energy Profits Levy, which imposes a tax of 78 per cent on North Sea operators and will not be phased out until 2030.
Domestic supplies: North Sea industry body Offshore Energies UK is calling for the punishing windfall tax on energy producers to be replaced this year
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