A new report by Offshore Energies UK (OEUK), a trade body representing the offshore energy industry, suggests that the UK could meet up to half of its oil and gas needs without relying on imports if the government provides stronger support for domestic production. The report highlights that changes to the current windfall tax on energy firms and the approval of two controversial oil fields—Rosebank and Jackdaw—could unlock 111 projects, attracting £50 billion in investment. However, current projections indicate that domestic oil and gas production in the North Sea will only meet about a third of the UK’s energy needs by 2050, with output steadily declining over the years. Environmental group Uplift has criticized the report as a "fantasy," arguing that the UK should not prioritize the interests of oil companies. The OEUK report outlines the case for supporting domestic energy production to reduce reliance on imports, which have grown in recent years. It calls for the removal of the current Energy Profits Levy (EPL), a tax on oil and gas producers set to be replaced in 2030, by January 2025. The proposed replacement, the Oil and Gas Revenue Levy, would only apply when energy prices rise sharply. Industry representatives argue that the EPL has discouraged investment, as it remains in place even during periods of low oil and gas prices. In 2023, no exploration wells were drilled in the North Sea for the first time since oil and gas production began there. OEUK claims that the oil and gas sector supported 180,000 jobs across the UK in 2024. The report emphasizes the need for fiscal reforms and a practical approach to licensing to attract investment and enhance long-term energy security. It argues that increasing domestic production is essential to protect households, businesses, and the broader economy from global energy price fluctuations. Policy Director Enrique Cornejo of OEUK said the UK is at a crucial moment, with the industry ready to invest in more domestic oil and gas production. However, he warned that the opportunity is limited and that without swift policy changes, the UK risks growing dependence on imports and losing high-value jobs. The industry also seeks long-term government support for domestic production, including approval for the Rosebank and Jackdaw fields, which were previously approved by the previous government but blocked by Scottish courts on environmental grounds. This has effectively halted other potential projects, with environmental groups like Uplift calling for a focus on climate action rather than supporting fossil fuel development.