The head of British Gas has called on the Government to drop its ban on exploiting untapped oil and gas fields in the North Sea, saying the move would help ease spiralling energy costs.
Chris O’Shea, the Chief Executive of Centrica, which owns British Gas, said an increase in drilling would play a role in efforts to bolster energy resilience after the Iran war sent prices surging.
He said: “I do think that we should look at producing the resources that we have got ourselves. It makes sense. If you’ve got resources, you should.
“It’s not a silver bullet; nothing in and of itself will fix this. But these activities will bring prices down. It would definitely make a difference.”
Asked if increasing North Sea flows would help to lower bills, O’Shea told the BBC it would be sufficient to “make a difference across Europe.”
He said exploiting remaining reserves should be part of a wider strategy that would also include bolstering emergency gas storage.
He said: “There is a need to focus on energy security. I think we need to look at getting more gas storage, we need to look at getting more home-grown renewables and more batteries.”
Centrica is no longer involved in drilling for oil but owns the Rough natural gas storage facility off the east coast of England, which, though largely operational after years of closure, is scheduled to be converted to hold hydrogen as part of Labour’s net zero push.
Mr O’Shea joins a growing chorus of experts calling on Labour to rethink its stance on the North Sea....<<<Read More>>>....
