Following today’s announcement that the UK and Norway governments have agreed to support a new Green Industrial Partnership that will combine their capabilities on clean energy and drive economic growth, OEUK HSE & Operations Director Mark Wilson said:
“The UK has had a long and successful energy partnership with Norway, and this will continue as the North Sea builds out future needs in carbon capture and storage, hydrogen and floating wind as well as the oil and gas we will continue to need. These are deeply interconnected markets not just for the energy we produce and use but also for the flow of people, skills and technologies in the North Sea basin.
Today Norwegian gas provides around 40% of the UK’s overall demand for heating and electricity and is our biggest import partner alongside the US. With increasing reliance on electricity globally it will continue to be important for the UK to maintain its own supplies to avoid the volatility and price spikes which often accompany tighter energy markets. With an estimated 13 billion barrels of domestic oil and gas production available in UK waters, careful management of these resources by industry and government will be important to maximise the benefits of a homegrown energy future.”
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