The bill to the UK taxpayer for decommissioning North Sea oil and gas fields could be twice as high as the UK Treasury forecasts, warns energy intelligence firm Wood McKenzie, which suggests £24bn ($29bn) is more likely than the forecast £16bn. This could turn the industry into a major net expenditure rather than the dependable revenue generator it has been for the UK Treasury since the 1970s. More than 43 billion barrels of oil and related derivatives have been extracted since North Sea production started in 1967. A new report by the Institute of Fiscal Studies (IFS) says that if all offshore wind farms were built in Britain, they would generate enough electricity to power every home in Britain – or about one million
The bill to the UK taxpayer for decommissioning North Sea oil and gas fields could be twice as high as the UK Treasury forecasts, warns energy intelligence firm Wood McKenzie, which suggests £24bn ($29bn) is more likely than the forecast £16bn. This could turn the industry into a major net expenditure rather than the dependable revenue generator it has been for the UK Treasury since the 1970s. A new report by the Institute of Fiscal Studies (IFS) says that if all offshore wind farms were built in Britain, they would generate enough electricity to power every home in Britain – or about one million