The Courier & Advertiser (Angus and Dundee)
Oil veteran rues switch from energy exporter to importer
Power: Cluff says UK close to ‘crisis’
A UK oil industry pioneer has described the UK’S switch to become a net importer of energy as “chilling.”
Algy Cluff, founder and chairman of Cluff Natural Resources, said Britain had been a net energy exporter just a decade ago and the turnaround had left the country vulnerable to the vagaries of the market.
Mr Cluff, who ceded his role as company CEO in February to finance director Graham Swindells as he looked to spend more time on other interests, was speaking as Cluff reported a marginally reduced pre-tax loss of £1.59 million for the year to December 31.
The group – which brought forward and later shelved an underground coal gasification proposal for untapped coal seams in the Forth Estuary – has turned its focus to developing gas licences in the Southern North Sea and recently raised £750,000 in new funding to support its operations.
Mr Cluff said the UK found itself on the cusp of an energy crisis.
“It is chilling to reflect that only 10 years ago the UK was a net exporter of energy whereas now our country is highly vulnerable to changes in the climate, be it physical or political,” Mr Cluff said.
“As it happens, recent bad weather and tensions with Russia have delivered a wake-up call to the UK that we are close to crisis. It is otiose to apportion blame.
“Now is the time for action. Our island’s characteristics provide an equation which will protect us in extremis with energy supply options ranging from subsidised renewables, solar and wind power, to the gasification of coal.
“However, it is the southern North Sea which contains huge quantities of undiscovered gas with an infrastructure in place which is the envy of many countries, most obviously China.
“The 30th round of licensing awards due this quarter will herald the renaissance of this,our most valuable energy asset.”
Mr Swindells said it had been a year of “significant progress” for Cluff and said the company believed now was the “perfect time” to invest in new drilling operations on the UK Continental Shelf.