The leading representative body for the UK offshore oil and gas industry has responded to a report published by the Institute for Public Policy Research (IPPR). The Net Zero North Sea report has urged the offshore oil and gas industry to set out a plan for phasing out production and migrating to greener energies.

Commenting on the report, OGUK’s chief executive Deirdre Michie said:
“This report shows that more and more people are becoming invested in ensuring the successful transition of our sector not only for our climate, but for our people and communities too. As the report notes, industry now requires a long-term plan to build bridges into new sectors for our businesses and supply chain. The North Sea Transition Deal will be a key catalyst for this, helping to bring to life our detailed Roadmap 2035 which outlines the positive contribution we can make to the UK’s energy future.

“The UK’s changing offshore oil and gas industry has the essential expertise to develop critical net zero solutions, including CCUS and hydrogen. At the same time, our ambitious emissions reduction targets mean we can meet the existing but declining need for oil and gas with resources produced in the UK and with fewer emissions.

“This venture will need a stable and supportive regulatory regime, which aligns with governments’ new green ambitions, whilst recognising that the skills, technical resources and financial capabilities of our industry and supply chain will be needed to complete an inclusive and managed transition.”

KeyFacts Energy Industry Directory: Oil & Gas UK