The UK could supply half of its oil and gas needs without imports if the government showed more support for the sector, an industry report claims.
Offshore Energies UK said changes to the windfall tax on energy firms and approval of the Rosebank and Jackdaw fields could unlock 111 projects, attracting investment worth £50bn.
North Sea output has been falling and projections suggest that the UK's domestic supplies will meet only about a third of demand until 2050.
Environmental group Uplift branded the report a "fantasy" and said that the Prime Minister should not listen to "self-interested demands" of oil companies.
The OEUK report sets out the industry's case for supporting domestic production of oil and gas and displacing imports, which have increased.
The replacement Oil and Gas Revenue Levy would be triggered only when prices spike.
The sector has long said the EPL has stifled investment because it remains in place even when oil and gas prices fall.
Last year, for the first time since the North Sea began producing oil and gas, not a single exploration well was drilled.
OEUK said the oil and gas industry supported 180,000 jobs in 2024 across the UK.
Policy Director Enrique Cornejo added: "Britain is at a juncture. Our industry is ready to invest and deliver more homegrown oil and gas, but the window for action is narrowing."
One of the environmental groups which brought the legal challenges, Uplift, has described OEUK's calls for support as a "fantasy" and says the North Sea is an "ultra-mature" basin with little reserves left.