The leading body for the offshore energy sector, OEUK, will launch its flagship Economic Report at a breakfast briefing sponsored by Deloitte on Wednesday 6 September.
This year’s landmark report comes as the security, sustainability and affordability trilemma of our energy system is at the forefront of political and public debate. The global race for energy investment is intensifying and the UK needs to compete intelligently.
The report is set to outline that as we build a clean energy future, there is no simple choice between oil and gas and renewables. The reality is that to build energy security, get to net zero and grow our economy, we need both.
Today 23 million UK homes are heated by gas boilers; 30-plus gas-fired power stations produce about 40 per cent of our electricity, and we have 32 million cars running on diesel and petrol. By the mid-2030s, oil and gas will still provide for 50 per cent of our energy needs.
Continued domestic production means the UK can protect itself – provided we have the right fiscal landscape – while companies scale up low-carbon solutions to deliver net zero.
OEUK Market Intelligence Manager Ross Dornan said:
“The last half-century of offshore oil and gas production has helped power our nation and drive economic growth, and this experience provides a strong foundation to develop the new energy sources we need for the future.
“Alongside continuing to supply much of our oil and gas needs, companies are supporting the expansion of new energies and driving down our carbon emissions. The challenges the energy industry faces are greater than they have ever been, but the opportunities are just as large.
“The UK’s homes and businesses cannot yet do without these fuels, but Putin’s war in Ukraine shows the risks of relying on other countries for energy. Our North Sea reserves mean the UK can protect itself – provided we invest – as well as building the low-carbon systems for the future.
“Now is the decade of delivery – and we need to see the right balance of government policy, industry action, and a competitive fiscal landscape to build the energies of tomorrow whilst providing people and homes with the energy security they need today.”
Media are invited to an online press briefing on the Economic Report at 10:00 am on Tuesday 5 September. Email [email protected] for information on how to join.
Speakers and panellists include:
- Ross Dornan, Market Intelligence Manager, OEUK
- Dave Whitehouse, Chief Executive Officer, OEUK
- Doris Reiter, North Sea Senior Vice President, bp
- Amjad Bseisu, Chief Executive, EnQuest PLC
- Steve Nicol, Executive President, Operations, Wood
- Oliver Holder, Energy & Chemicals Lead, Deloitte