Sunday, May 31, 2015

UK aims to maximize oil production






The UK aims to maximize domestic oil and gas production and curb the spread of onshore wind farms as the government leans toward maintaining energy security over cutting carbon emissions. 
The measures form part of an Energy Bill announced by Queen Elizabeth II in a speech to Parliament in London on Wednesday that outlines the first legislative program of Prime Minister David Cameron’s majority Conservative government. 

UK oil production was enough to meet about 56% of domestic demand last year, with a similar proportion for gas, according to the government. Even so, a drop in oil prices of more than 40% in the past year rendered as much as a third of UK fields uneconomic, BP Plc CEO Bob Dudley said in February. That’s led to government tax cuts to shore up the industry amid warnings that thousands of jobs may disappear... (worldoil)



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