North Sea Transition Deal | OGUK
- Oct 13, 2021 2:29 pm GMT
The North Sea Transition Deal – the future for the UK offshore oil and gas
The ‘clean’ oil and gas industry aims set out in the NSTD include:
- Using existing infrastructure, capability and private investment to exploit new and emerging technologies such as hydrogen production, carbon capture usage and storage ("CCUS"), offshore wind power and decommissioning; in turn supporting new export opportunities and new high-value jobs for the low-carbon future;
- Investment in and development of new abatement technology (such as electrification of drilling/production infrastructure through renewables such as offshore wind power, CCUS technology and an end to flaring). Such an approach to flaring shouldn’t come as a surprise, given the stance of other nations such as Norway where flaring is strictly prohibited;
- Introduction of a new Climate Compatibility Checkpoint for future oil and gas licensing rounds to ensure any licenses are awarded in line with the Government’s wider climate change objectives. Future licensing rounds will not proceed where evidence suggests that it would undermine the delivery of the Government’s targets. The checkpoint process will assess the state of play at the relevant time, considering the likes of current production levels, domestic demand, the prevalence of alternative renewable technologies and how the industry has progressed in the drive to reduce its emissions
- Pivoting the existing oil and gas industry work force to equivalent roles in a new low carbon economy.
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