In response to a landmark International Energy Agency (IEA) report published today (18 May) that suggests no further investment is needed for oil and gas supply projects, OEUK Sustainability Director Mike Tholen said:
“We strongly agree with the International Energy Agency’s recommendations that renewable, CCUS and hydrogen investment and development needs to be rapidly ramped up and that low emissions oil and gas from domestic production is to be favoured over high emissions options such as imports.
“In the UK, the oil and gas industry is in a unique situation – working in line with the Paris Agreement and leading the way to net-zero, providing the oil and gas we need from domestic resources while working with government through the North Sea Transition Deal to significantly decarbonise production.
“It is appropriate we use our own resources and invest locally, not only to meet our energy needs from now until beyond 2050, but to support UK jobs, the economy and our homegrown energy transition too.
“Stopping local exploration would be a major drawback for the energy transition underway – reducing the UK’s resilience and increasing our reliance on imports from countries whose carbon emissions we cannot control and that have lesser environmental regulations.”