The North Sea Transition Deal

The North Sea Transition Deal

The North Sea Transition Deal (NSTD) is the first deal of its kind by a G7 country.

It’s a transformative partnership between the UK Government and the offshore oil and gas sector, which is harnessing the power, people and skills of the industry to help the UK meet net zero emissions by 2050, affordably and at pace. 

NSTD 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.

By 2030, the deal will unlock up to £16bn of investment, secure up to 40,000 energy jobs, reduce emissions by up to 60mn metric tons/year and springboard exciting low carbon solutions.

Through collaboration, the deal is addressing the challenge of decarbonising the UK’s oil and gas supply, while ensuring the UK benefits from a homegrown transition to a lower-carbon economy.

OEUK Chief Executive David Whitehouse said:

The North Sea Transition Deal plays an important role in supporting the UK achieving its net zero commitments.

The Deal provides a clear framework for balancing the economic benefits of the North Sea with the need to transition to a low-carbon economy.

This transition presents significant opportunities for the oil and gas industry, which can leverage its expertise to support the development of new technologies, such as carbon capture and storage, and help drive investment in renewable energy and low-carbon infrastructure.

As OEUK, we are committed to working with our members, the UK government, and other stakeholders to realise the full potential of the North Sea Transition Deal and build a sustainable future for all.

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).

North Sea Transition Deal
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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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