Sir Jim Ratcliffe met with US Ambassador Warren Stephens in London yesterday along with Brian Gilvary, Chairman of INEOS Energy to discuss the future of UK energy. The ambassador stressed that the US wants a strong ally in Britain and not one that is struggling with its economy and growth.
There was agreement that energy policy was important for both national security and for economic growth. And both parties were clear that the UK needed to exploit the enormously valuable North Sea basin which still holds billions of barrels of oil.
Ambassador Stephens said, “There are so many opportunities in the energy sector that could enhance our economies, make energy more secure and affordable and deepen our nations’ ties. Public and private sector must work together to create the environment needed for growth”
Sir Jim commented, “Competitive energy is a key driver for growth. Currently the UK is four times more expensive than the USA. The UK needs jobs and the economy has flat-lined. We must invest in the North Sea and not become reliant on expensive imports.”
The USA is gearing up for growth in AI which will mean a major growth in energy intensive data centres. Unfortunately the UK is very poorly positioned for such growth because of its flawed energy policy.