RE: Miliband DOESN'T ban North Sea Oil14 Jul 2024 17:47
I hope Milliband has big pockets as this North Sea oil folly is going to cost a bit lol.
https://www.no2nuclearpower.org.uk/news/fossil-fuels-14-7-24/
Under rules dating back to 1975, taxpayers pick up roughly half the cost of scrapping offshore structures when they go to the big oil field in the sky. The forecast decommissioning cost for the entire North Sea moves around depending on levels of activity and efficiency gains, but it stood at £40 billion last year, according to the government-owned North Sea Transition Authority. The exchequer will be on the hook for about £20 billion in the form of relief on operators’ past and future taxes. That bill will start arriving a decade sooner than it might have done if Ed Miliband, the new energy secretary, goes ahead with his promise to soak the North Sea oil and gas industry.