According to a new independent study, up to 7.5bn barrels of oil and gas could yet be produced from UK waters, which is 3.2bn more than Labour predicts.

Offshore Energies UK (OEUK), the leading trade body for the country’s offshore energies industry, says additional domestic production would reduce reliance on imports and protect jobs – adding £165bn in economic value.

The UK has 7.5bn barrels of oil and gas remaining to produce, 3.2bn more than the government forecasts, OEUK has reported (Image: Juan Cuetos) The Climate Change Committee, which advises the government, says even in a scenario where the UK meets all its energy targets on time, homes and businesses will still use between 13bn and 15bn barrels of oil and gas.

But current government forecasts suggest the North Sea will produce fewer than four billion barrels, meeting under a third of that need.

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OEUK has warned that without government support for the oil and gas sector, the country could become dependent on imports for 80pc of its needs within a decade.

The industry has been calling for........

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