Summary: OEUK Exploration Insight Report 2022 finds new oil and gas exploration key to UK energy security and the energy transition.
Foreword: The UK continues to develop renewable energy resources, but access to reliable oil and gas resources remains critical to our energy security. To reduce our reliance on imported fossil fuels, the UK needs to continue to replenish its own resources through exploration for oil and gas. In this insight, we outline what to expect in the years to come, identifying potential room for development within the basin. We also reflect on the opportunities presented by the 33rd offshore licensing round and the inaugural carbon storage licensing round. These could significantly extend the life of the basin, helping to strengthen the supply chain and ensure the UK retains the essential skills needed to deliver and underpin its low-carbon energy transition ambitions.
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