The UK’s Exploration Task Force (‘XTF’) has recently issued an information pack making the case for responsible investment in UK oil and gas exploration and production. Investment will support the industry in limiting the impact of global supply challenges as it works towards meeting its 2050 net zero commitment, in parallel with UK demand reduction and expansion of low carbon energies and energy storage.
Responding to global energy challenges • This information pack highlights continuing global oil & gas demand driving a need for oil & gas investment even in net zero scenarios • Emissions avoidance, reduction and mitigation are essential whilst also balancing security of supply and energy affordability/access Accelerating a more sustainable future • The UK now has industry, regulator and government alignment towards rapid de-carbonisation • The North Sea Transition Deal drives UK re-invention as an integrated energy supply and carbon storage industry • Investment will play a positive role in allowing the UKCS to meet up to 60% of UK net zero abatement needs
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