What Will The Oil & Gas Sector Look Like In The Future?
Oil & Gas UK (OGUK) has just published its Roadmap to 2035: A Blueprint for Net-Zero report, setting out five key themes that will require regulator, government and industry action in order to ensure that the sector is able to carry on providing a secure energy supply, while supporting net zero and remaining an essential contributor to the economy in the UK.
Net zero is the term used when a balance between the emissions produced and those taken from the atmosphere is achieved. This is a more realistic target to aim for than gross zero, as this would reduce emissions from all sources to zero. Net zero, however, allowed for some residual emissions.
The new blueprint shows what the offshore oil and gas sector could look like in the future, serving as one of the first major industrial responses to plans detailed by the government to reduce or offset carbon emissions to net zero come the year 2050 in the UK and 2045 in Scotland.
It includes activities to drive down emissions from oil and gas production, which at the moment makes up three per cent of all our greenhouse gas emissions, as well as understanding how the industry can play a pivotal role in developing low carbon technologies like carbon capture usage and storage.
The organisation’s Economic Report 2019 shows how the industry can contribute to making the move towards net zero emissions in this country, revealing that 75 per cent of our current energy needs are met through oil and gas – and 59 per cent of demand is met by domestic production.
It also notes that carbon capture and development of hydrogen are both essential, given forecasts from the Climate Change Committee revealing that the UK will still be consuming approximately 65 million tonnes of oil equivalent every year by 2050, which is around 45 per cent.
Deirdre Michie, OGUK chief executive, said: “Roadmap 2035 offers a blueprint for how we can continue to meet much of the UK’s oil and gas needs from domestic resources, progressively reduce associated production emissions and develop economy-wide decarbonisation technologies. With 40,000 new people needed in our industry, a quarter of whom will be in roles which don’t currently exist, it is an industry with an exciting future.
“It’s why we must continue to focus on improving the sustainability of the basin. This sector has seen a remarkable turnaround from one of the harshest declines in memory, however significant parts of the supply chain remains in a fragile condition.”
Colin Clark, UK government minister, welcomed the publication of the blueprint, saying that the industry has a key role to play in the government’s commitment to achieving net zero by 2050.
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