In response to a story published today in The Sunday Telegraph which suggests Ministers are considering declaring the beginning of the end for the North Sea oil industry with a ban on new exploration licences.
Commenting on the story, OGUK Sustainability Director Mike Tholen said:
“The UK’s offshore oil and gas industry recognises the urgent need for change and was one of the first sectors to commit to be a net-Zero industry by 2050, setting demanding interim targets to halve its own emissions by 2030.
“By working together, we can help deliver the energy transition, providing the oil and gas the UK will need for decades to come while cutting the impact on the environment. Any curtailment of activity by licencing constraints risks impeding the UK’s ability to deliver a net-zero future, damaging our domestic supply chain and increasing energy imports whilst exporting the jobs and skills.
“Our industry is leading the way on green technologies including the switch to hydrogen and long-term storage of CO2. Achieving this through UK companies will require significant investment and we continue to work constructively with government to show this industry has the essential expertise and commitment to ensure delivery”.