Read the complete North Sea Transition Deal

The offshore oil and gas sector is a major UK industrial success story. Since production started in 1967, the sector has produced around 45 billion barrels of oil equivalent from the UK’s Continental Shelf (UKCS), generating more than £350 billion in production tax revenue alone.

This has maintained the country’s energy security, while keeping our homes warm, our country moving and creating hundreds of thousands of high-quality jobs across the UK.

However, climate change represents an existential threat to the planet. So, building back better means building back greener. The UK has set a world-leading net zero target, the first major economy to do so by statute. Last year, the Prime Minister announced a new ambitious emissions target which aims for at least 68% reduction in greenhouse gas emissions by the end of the decade, compared to 1990 levels. But simply setting the target is not enough and, as the government’s Energy White Paper makes clear, we need to focus all our efforts on decarbonising our economy which still relies heavily on hydrocarbons for our energy demand.

Click the link below to read the Sector deal between government and the offshore oil and gas industry.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/972520/north-sea-transition-deal_A_FINAL.pdf

Read the latest issue of the OGV Energy magazine HERE.