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Enius President Warns of North Sea Closure Costs
The CEO of the British company "Inios Energy" warned that rushing to shut down North Sea oil and gas fields due to the policies of the Labour government will cost the UK Treasury billions of pounds. It is expected that decommissioning costs and tax reliefs will amount to approximately 28 billion pounds over the coming years. He explained that the halt in granting new licenses has led to a decline in production, forcing the government to bear the costs of shutdowns and platform decommissioning. This shift risks turning the sector from a source of tax revenue into a significant financial burden. He also pointed out that these policies are driving capital investment outside the United Kingdom, particularly into markets like the United States, which increases dependence on imports and threatens the loss of skilled jobs within the country.
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