Shell intends to grow its share of UK oil and gas supplies and invest £100m in skills to support 15,000 energy transition jobs by 2030 as part of its £25 billion investment plans.
Kwasi Kwarteng has paid a visit to a major Shell conference hailing the firm’s UK spending plans, two weeks after the government announced a windfall tax on the industry.
The Tory energy secretary was dealing with 100 campaign messages a day as climate activists fought to block the controversial Cambo oil field expansion off Shetland.
A windfall tax on North Sea oil and gas firms would be “economically illiterate” and could “perversely” drive up the domestic costs of energy, MPs have been told ahead of a key vote today.
The leading offshore UK trade body has claimed North Sea firms could spend up to £250 billion domestically by 2030, “far greater” than any sum to be raised through a windfall tax.
Energy secretary Kwasi Kwarteng has insisted the UK Government will not bend to the will of activists who “naively want us to extinguish production” of oil and gas in the North Sea.
The newly launched Energy Security Strategy will be supported by a £375 million funding package to help develop “cutting-edge energy technologies” spanning hydrogen, carbon capture and nuclear.
A commitment to North Sea oil and gas while ramping up nuclear, hydrogen and offshore wind, is at the heart of a new UK strategy to protect consumers from future surges in energy bills.
The UK will cease importing Russian crude oil by the end of this year, Business and Energy Secretary Kwasi Kwarteng said, while exploring options to do the same for Russian gas supplies.
The madness in Ukraine has dramatically fast-forwarded issues that were already in the making. Soaring energy prices, over-reliance on imported gas, storage which is essential to facilitate the growth of renewables … the list goes on and on.