Offshore energy body to help ensure security of supply as UK divests from Russian oil
Trade association Offshore Energies UK (OEUK) is committed to working with the government to ensure secure energy supplies, following its decision to phase out Russian oil imports by the end of the year.
Business Secretary Kwasi Kwarteng said the time period was key to allow UK industries time to adjust supply chains, with the country dependent on Russia for around eight per cent of its oil imports.
The government has announced it will work with companies with a new task-force on oil to support businesses looking for alternative supplies.
OEUK also restated its commitment to the government’s net zero emission targets and plans through the North Sea transition deal that will help accelerate the UK’s move to cleaner energies.
Deirdre Michie OBE, CEO of Offshore Energies UK, said: “The UK has diverse, secure, and reliance energy sources with the majority of it coming from domestic production and pipelined supply from Norway. We continue to work with the government and our members to see how we can build on this reliable energy base while continue to rapidly accelerate the transition to cleaner energies. We will consider these proposals in more detail in the coming days and stand ready to work with government as we provide the skills, capabilities and infrastructure required to deliver the UK’s energy ambitions.”
Prime Minister Boris Johnson said he was committed to working with industry to support the latest plans
He said: “In another economic blow to the Putin regime following their illegal invasion of Ukraine, the UK will move away from dependence on Russian oil throughout this year, building on our severe package of international economic sanctions. Working with industry, we are confident that this can be achieved over the course of the year, providing enough time for companies to adjust and ensuring consumers are protected.”
Oil prices have spiked to $130 per barrel in recent days, a 14-year high for Brent Crude.