The UK saved around £2.5bn last year by relying on its own offshore gas reserves rather than purchasing imports of liquified natural gas (LNG), according to new analysis, as calls grow for new oil and gas drilling in the North Sea.
Stifel, the investment bank, also concluded that using its own offshore gas resources to extract Liquified Natural Gas (LNG) would be significantly better than paying for imports this year, in particular due to the rising cost of LNG as a result of the Iran war.
