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RenewableUK has welcomed the publication of The Offshore Valuation, a report comparing North Sea offshore energy potential with the region’s oil and gas production.
Published by The Offshore Valuation Group, a coalition of government and industry organisations, the report suggests that using less than a third of the total available offshore resource could:
  • generate the electricity equivalent of 1 billion barrels of oil annually, matching North Sea oil and gas production
  • create 145,000 new jobs in this country and provide the Treasury with £28 billion in tax receipts
  • enable Britain to become a net exporter of electricity by 2050
  • reduce carbon emissions relative to 1990 levels by 30%
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