The North Sea Transition Deal

The North Sea Transition Deal

The North Sea Transition Deal

The North Sea Transition Deal (NSTD) is the first between the government of a G7 country and its oil and gas production community.

It will accelerate the energy transition, reduce UK emissions, and create new jobs in the UK. It’s a prime opportunity for us to take the next big step, and lead the UK into a net-zero future.

The North Sea Transition Deal: the commitments

The deal encompasses five aspects of decarbonisation.

These are:

  • Carbon capture and storage
  • Hydrogen
  • Supply decarbonisation
  • Supply chain transformation
  • People and skills
  • The story so far

    The North Sea Transition Deal is progressing well, thanks to the efforts of the industry, government and other key stakeholders.

    The deal will harness the power of the offshore oil and gas industry. It will help the UK meet its net-zero targets by 2050, affordably and at pace. By 2030, the deal seeks to unlock up to £16bn of investment, secure up to 40,000 energy jobs and reduce emissions by up to 60mn metric tons/year.

    Through its collaborative structure, the deal can address the challenge of decarbonising oil and gas supply, while also ensuring the UK benefits from a homegrown transition to a lower-carbon economy.

    COMMENTING

    OEUK Chief Executive Deirdre Michie OBE said:

    The North Sea Transition Deal is a transformative partnership which will harness the expertise of the UK offshore oil and gas industry to urgently meet the country’s climate ambitions of net zero emissions by 2050.

    It will unlock billions of pounds of investment and see government and industry work together to deliver a homegrown energy transition, realising innovative low-carbon solutions that can be exported globally.

    The deal will safeguard UK energy security, providing affordable energy to millions of households, secure tens of thousands of jobs in industrial heartlands across the country and support the UK economy. It is the first deal of its kind by any G7 country and a striking example of the UK showing global leadership on climate change ahead of COP26.

    North Sea Transition Deal resources

    Here the OEUK team provides more insight on the North Sea Transition Deal, agreed in March 2021 with the government, and what it means for the workforce. This transformational deal is the first of its kind by a G7 nation and presents a prime opportunity for companies to take the next big step in leading the UK into a net-zero future.

    These online resources comprise an overview of NSTD and its five themes (see above).

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    Find out more

    Do you want to know more about the North Sea Transition Deal? You can view the press release now.

    Read press release

    Contact us

    Please get in touch if you have any queries about the North Sea Transition Deal.

    Email the team

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