ECO-TYCOON Dale Vince is demanding Labour push ahead with maximising drilling in the North Sea to boost oil and gas supply.
The Labour donor piled pressure on Ministers to open up “tie-backs” that allows exploitation next to existing fields amid the Iran war.
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Dale Vince has backed maximising oil and gas supply through “tie-backs” Credit: PA
Chancellor Rachel Reeves says “tie-backs” could result in tens of millions more barrels of oil and gas being available Credit: Alamy
His intervention comes after Chancellor Rachel Reeves said in April that tens of millions of barrels of oil and gas could be available to support energy security.
Mr Vince said: “It’s time for Labour to put its arms around the North Sea. The basin is in decline… that’s a geological fact.
“But we can still manage the end of it properly and support the people whose livelihoods depend on it.
“Tie backs are no big deal, to be clear – they could provide around 1% of annual North Sea production – but in total, not every year.
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“So, I’ve no strong objection and people who voted for no new licenses likely would not too.”
But Mr Vince does oppose new licences being granted.
He is demanding fixed prices on the oil and gas rather than leaving prices to world markets which help protect jobs.
Oil and gas prices have increased rapidly since the outbreak of the Iran war at the end of February with calls for Britain to boost its energy supply.
The Strait of Hormuz, which transports around a fifth of the world’s oil and liquefied gas supply, has effectively been blocked.
The typical annual household energy bill is likely to hit £1862 from July.Energy Secretary Ed Miliband has previously declared the “era of fossil fuel security is over” .
He has also said that “clean energy is now the only route to financial security, energy security and indeed national security”.
He has to give the green light to the Jackdaw and Rosebank oil and gas projects in the North Sea based on updated information following an earlier High Court decision.
But Labour made clear in the King’s Speech that they will issue a legal ban on new North Sea oil and gas exploration licences.
David Whitehouse CEO Offshore Energies UK said: “The UK will use 10–15 billion barrels of oil and gas between now and 2050.
“Those of us working in the North Sea recognise its continued potential to meet at least half of that demand — supporting jobs, contributing around £350 billion to the economy, and doing so with lower emissions than imported alternatives.
“So it is simply common sense that we prioritise domestic production, rather than increasing our dependence on imports.”
