Action needed to tap energy reserves

Britain needs to do more to help industry tap the country’s remaining oil and gas reserves to ensure its future energy supplies, a government committee said in a report issued on Tuesday.

High costs, low prices and lack of affordable credit in a global recession are bedevilling oil and gas companies operating in Britain, making it critical for government action to help fuel investment to maintain production, the report found.

“We are very concerned at the bleak prospects for investment in the oil and gas industry,” the Energy & Climate Change Committee said in the report for Parliament.

Reuters