ENERGY NEWS
11
JUNE 2021
UK NORTH SEA
Energy Review By Tsvetana Paraskova
The implications of a net-zero emissions world in 2050 on the UK offshore industry and supply chain, the strong first-quarter results of the key UK-listed operators in the North Sea, and a number of field development and ownership updates were the main themes in the UK oil and gas sector last month.
The International Energy Agency (IEA) published in the middle of May a stunning new report, in which the Paris-based agency created to safeguard global energy supply after the oil embargo in 1973 suggested that the world’s pathway to net-zero emissions doesn’t need any new investment in oil, gas, and coal. The report in which the IEA said that “Beyond projects already committed as of 2021, there are no new oil and gas fields approved for development in our pathway, and no new coal mines or mine extensions are required,” drew reactions from nearly every stakeholder in the oil and gas industry. OGUK, the leading body of the UK offshore oil and gas industry, also issued a response to the landmark report. “We strongly agree with the International Energy Agency’s recommendations that renewable, CCUS and hydrogen investment and development needs to be rapidly ramped up and that low emissions oil and gas from domestic production is to be favoured over high emissions options such as imports,” OGUK Sustainability Director Mike Tholen said. “It is appropriate we use our own resources and invest locally, not only to meet our energy needs from now until beyond 2050 but to support UK jobs, the economy and our homegrown energy transition too. Stopping local exploration would be a major drawback for the energy transition underway – reducing the UK’s resilience and increasing our reliance on imports from countries whose carbon emissions we cannot control and that have lesser environmental regulations,” Tholen added. OGUK also commented on the Queen’s Speech which included a point that the UK’s Ten Point Plan for the Green Revolution would “help create and support up to 250,000 highly-skilled green jobs in the UK and spur over three times as much private investment by 2030.”
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