The Government is fully committed to improving our energy security as evidenced by its recent statement in announcing the new Energy Bill.
The Government said: “The oil and gas industry is one of our great industrial success stories over the past 50 years, supporting around 375,000 jobs, contributing £3bn to our economy last year and is critical to our energy security. By reinvigorating our domestic oil and gas industry, we will also reduce our reliance on volatile foreign imports.”
UKOG fully supports this policy and all Government efforts to accelerate responsible domestic exploration, development and production.
UKOG commissioned EY, a global leader in assurance, tax, transaction and advisory services, to assess the economic impact and benefits of future Kimmeridge Limestone oil production projects over the Weald Basin. The full EY report, released in April 2016, is available here.
"The development of Kimmeridge Limestone Oil in the Weald Basin, assuming it can be extracted from a development site at the volumes projected by UKOG, has the potential to generate significant economic value to the UK economy, partially off-set the decline in oil production from UK fields, support employment, and generate significant tax benefits to the exchequer.”