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Press Release05th Jul 2022

Set of reports to reveal UK’s full renewable potential

A set of reports due to be published in the coming months will show how companies in the UK’s offshore oil and gas industry supply chain can expand to cleaner energies, including carbon capture, usage and storage (CCUS), hydrogen and offshore wind.

Commissioned by the Department for Business, Energy and Industrial Strategy (BEIS) and published by Offshore Energies UK (OEUK), the three reports will be published over the coming year. The reports will assess the current capabilities of the supply chain, identify where it has the most potential to realise new business, and outline the barriers currently faced by the sector.

The reports come as the UK government and the offshore oil and gas industry work to uphold and deliver the supply chain obligations made in the North Sea Transition Deal – a blueprint for decarbonising upstream oil and gas production and helping companies realise a homegrown transition to cleaner energy.

The 2021 deal includes a commitment to make sure at least 50% of hydrogen, carbon capture and wind projects are met by local companies, contributing to the UK economy and supporting jobs.

The first report in the series will focus on opportunities for the UK offshore oil and gas supply chain in the area of carbon capture, usage and storage, and is set to be published in July.

Commenting, OEUK Supply Chain and Operations Director Katy Heidenreich said:

“The transition to cleaner energies is happening now. Our reports are an important building block for the Supply Chain Transformation Strategy we are developing that will show what governments and industry need to do to make sure we realise as much of that opportunity here in the UK.

“Producing the cleaner energies we need to meet our net zero goals will require billions of pounds of investment from companies, which in turn could support the UK’s economy, jobs and skills that can be exported globally.

“To do this, the offshore oil and gas supply chain must be competitively positioned to seize these opportunities. Our Supply Chain Transformation Strategy will give companies and policymakers the information they need to remove barriers, map out next steps, and importantly, realise the full scale of opportunities that await us if we get this right.”