The exploration, extraction and production of oil and gas reserves will offer significant benefits to host communities, the surrounding areas and the country as a whole.
Indigenous hydrocarbon production will make a significant contribution to the local economy through increased direct and indirect employment. We are committed to supporting the communities we work in and will endeavour to recruit locally and encourage suppliers to do the same.
Employment in the oil and gas sector is normally characterised by higher value skills and therefore remuneration can be expected to be above average too.
The United Kingdon is currently a net importer of both oil and gas so any new indigenous discoveries would improve the security of supply as well as reduce our dependence on expensive imports. Whilst Celtique recognises and supports the fact that renewables will have a key role to play in diversifying our energy mix, we know that moving away from carbon-heavy sources of energy, in the short and medium term, will create major challenges. Therefore, natural gas and locally sourced oil can act as a transition fuel, offering local solutions and bridging the energy gap as we move towards a renewable energy future.
Indigenous hydrocarbon production will also help the local and national economies through taxation revenues. Should Celtique seek and get approval to move to the production phase at a given site, we would pay considerable amounts in corporation tax and income tax. The marginal rate of tax on profits in the UK is 50%. This is in addition to the taxes and charges that we would pay to local authorities. An economic impact study will be produced as part of a field development plan detailing the economic benefits for each region.
The use of natural resources also improves the balance of payments by displacing our dependency on increasingly vulnerable and expensive foreign energy sources. This offers the potential for less volatile energy prices in the future.