The Oil and Gas Authority (OGA) has today signalled its intention to refresh its core aim, including a requirement for industry to help the government achieve the target of Net Zero greenhouse gas emissions by 2050, according to a press release from OGA.
The OGA believes that maximising economic recovery of oil and gas need not be in conflict with the transition to Net Zero and that the industry has the skills, technology and capital to help unlock solutions required to help the UK achieve the Net Zero target.
OGA also takes the view that industry should go considerably faster and farther in reducing its own carbon footprint, or risk losing its social licence to operate.
Net Zero can be achieved through Carbon Capture & Storage (CCS) and through CCS plus hydrogen. Offshore renewables (wind, wave and tidal) should contribute further to the abatement required by 2050.
Also, according to OGA, oil and gas will remain a vital part of the UK’s energy mix as UK moves towards Net Zero.
This means that managing declining North Sea production to maximise value, minimising greenhouse gas emissions and reducing reliance on hydrocarbon imports are all essential.