In response to calls for the First Minister to support increased extraction as the impact of Russian aggression is expected to lead to rising gas prices, compounding the cost of living crisis, Offshore Energies UK commented:
OEUK CEO Deirdre Michie OBE said:
“If we are going to deliver a fair and managed transition that also ensures security of energy supply, we need both rapid investment in renewable energy plus investment to sustain the production of oil and gas.
This is because production from the North Sea continues to decline, and without fresh investment, we will only increase our reliance on oil and gas imports while we go through the energy transition.
“The UK offshore industry is changing and is already investing in renewable fuel and technology to harness power from wind and hydrogen to help decarbonise energy in the medium to long term.
“But in the short term it remains the case, whether we like it or not, that 85% of UK homes are reliant on gas, while 32 million vehicles on the road continue to require petrol and diesel for transport needs.
“Our industry is essential in helping provide the UK with cleaner oil and gas while underpinning the energy transition – the two are inextricably linked.”