The North Sea’s massive potential contribution to energy security, net zero, jobs and investment has topped the agenda at an industry and government summit.
The importance was underlined on the journey to Net Zero as The North Sea Transition Authority hosted Energy Minister Graham Stuart, the Scottish Government and leading industry representatives at the North Sea Transition Forum, which sets the strategic direction of the oil and gas sector.
Attendees at a meeting in Aberdeen discussed ways of supporting multi-billion pound projects which could support UK energy security and vital net zero projects, and safeguard tens of thousands of skilled jobs.
Read more: Humber’s low carbon push remains on government’s radar according to senior civil servant
Industry bosses also acknowledged the UK government’s move to put a price floor on the Energy Profits Levy to boost investor confidence and encourage investment in oil and gas projects and emissions reduction technologies.
The NSTA will also work with the government and industry on an upcoming review of the oil and gas fiscal regime, which is expected to give companies predictability, further supporting long-term investment, jobs and the UK’s security of supply.
Forum members heard that more than £200 billion could be spent on oil and gas, wind, carbon storage and hydrogen projects by 2030, a huge opportunity to reduce the UK’s reliance on energy imports as part of an orderly transition.
Many have a Humber focus, with two carbon capture and storage projects and several more offshore wind developments proposed. Lindsey Oil Refinery owner Prax has also just invested in a Shetland exploration operation, Hurricane Energy, while Easington continues to play a vital role in gas flow with potential for hydrogen storage, with Rough.
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