North Sea Transition Deal

The NSTD: the first by a G7 country, will accelerate the energy transition, reduce UK emissions, and create new jobs across the UK. It’s a prime opportunity for us to take the next big step in leading the UK into a net-zero future

The North Sea Transition Deal, One Year On

The North Sea Transition Deal (NSTD) encompasses five commitments, that will align for a “one deal implementation” and members have access to a range of resources including online presentations, slide packs and an animation. These comprise the NSTD overview, Carbon Capture and Storage, Hydrogen, Supply Decarbonisation, Supply Chain Transformation and People & Skills.

NSTD Progress

The North Sea Transition Deal is progressing well, working across the industry, BEIS and other key stakeholders

The North Sea Transition Deal is a transformative partnership between the UK Government and the UK’s offshore oil and gas sector.  It is the first deal of its kind by a G7 country, and a striking example of the UK showing global leadership in regard to climate change.

The deal will harness the power of the UK offshore oil and gas industry to help the UK meet it’s net-zero targets by 2050, affordably and at pace.  By 2030, the deal seeks to unlock up to £16bn of investment, secure up to 40,000 energy jobs and reduce emissions by up to 60Mtonnes.

By working together, the deal can address the challenge of decarbonising oil and gas supply, while also ensuring the country benefits from a homegrown transition to a lower-carbon economy.

Access NSTD update one pager

North Sea Transition Deal resources

Here the OEUK team provides more insight on the North Sea Transition Deal, agreed in March with the Government, and what it means for the workforce. This transformational Deal is the first of its kind by a G7 country and presents a prime opportunity for companies and employees to take the next big step in leading the UK into a net-zero future.

These online resources comprise an overview of NSTD and its five themes; Carbon Capture and Storage, Hydrogen, Supply Decarbonisation, Supply Chain Transformation and People & Skills.

The deal will help to:

  • Support the creation of up to 40,000 new energy jobs in industrial heartlands across the UK

  • Cut UK emissions by 60 million tonnes, with 15 million tonnes of reductions from industry production by 2030 - the equivalent of annual emissions from 90% of the UK’s homes

  • Boost the world-leading infrastructure – carbon capture – the Committee on Climate Change says is necessary to tackle climate change

  • Kickstart hydrogen here in the UK, building a platform to provide an alternative for heating, heavy industry, and transport

  • Ensure energy communities like Aberdeen and Teesside can successfully transition, retaining jobs and skills and creating a more diverse and inclusive workforce

  • Reduce reliance on imported oil and gas – and be accountable for associated emissions

Commenting

OEUK Chief Executive Deirdre Michie OBE said:

The North Sea Transition Deal is a transformative partnership which will harness the expertise of the UK offshore oil and gas industry to urgently meet the country’s climate ambitions of net zero emissions by 2050.

It will unlock billions of pounds of investment and see government and industry work together to deliver a homegrown energy transition, realising innovative low carbon solutions that can be exported globally.

“The Deal will safeguard UK energy security, providing affordable energy to millions of households, secure tens of thousands of jobs in industrial heartlands across the country and support the UK economy. It is the first deal of its kind by any G7 country and a striking example of the UK showing global leadership on climate change ahead of COP26.

Find out more

Do you want to know more about the North Sea Transition Deal? You can view the press release now.

Read press release

Contact us

Please get in touch if you have any queries about the North Sea Transition Deal.

Email the team