Oil Companies See Windfall From EU Carbon Scheme

Oil firms are set to receive a windfall of millions of euros thanks to a new EU carbon dioxide trading scheme aimed at fighting climate change, official data showed on Tuesday.

Published: 09-Jun-2005

To the chagrin of environmentalists, figures released by the UK government indicated oil and gas producers in the North Sea will receive more allowances to emit CO2 than they need to cover current emissions.

They will be entitled to sell the surplus allowances on the new CO2 market, which the government described as "one of the main components in the fight against climate change.".

According to Reuters' analysis of the government data, offshore oil and gas firms will receive the right to emit over 175,000 tonnes of CO2 equivalent more annually over the coming three years than they did in 2003.

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