Inios CEO Warns North Sea Closure Costs Billions

Bryan Gilvary, the CEO of the British company "Innos Energy," warned that government policies mandating early closure of North Sea oil and gas fields are eroding national wealth in the long run. He explained that halting early production due to high taxes and licensing bans results in enormous costs, with shutdown expenses projected to reach approximately 28 billion pounds sterling in the coming years. This reduces tax revenues and transforms the sector into a burden on the British Treasury. He also pointed out that such policies push capital to invest outside Britain, especially in the United States, thereby increasing the country's dependence on imports and leading to the loss of skilled jobs in the industry.

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