OGUK hails "strong progress" on North Sea transition deal
SUMMARY
The transition deal was reached in late March 2021.
By Joseph MurphyPOSTED IN:
UK upstream association OGUK on February 7 hailed the "strong progress" by the country's oil and gas industry and the government in implementing the North Sea Transition Deal they reached 10 months ago.
The Transition Deal, agreed at the end of March 2021, was aimed at helping the industry reduce its carbon footprint and play a larger role in decarbonising the UK economy. OGUK said its review showed strong progress in a number of areas, from the reduction of UK shelf carbon emissions and the launch of a Methane Action Plan, to the selection of two carbon capture and storage projects in north England for government support and a £1mn electrification competition held by upstream regulator OGA.
"Since agreeing our landmark North Sea Transition Deal we have made great progress towards delivering on its ambitious commitments, helping support and safeguard the sector’s highly-skilled workers and supply chain as we shift to a lower carbon future," UK energy minister Greg Hands commented.
“In less than ten months, the UK government and the offshore sector have made huge progress against the ambitious terms of the North Sea Transition Deal – working to reduce carbon emissions, invest in new energy technology and build the foundations for a just transition to net zero by 2050," OGUK CEO Deirdre Michie added. "This is only the beginning, but I believe that through close cooperation with governments across the UK, we will deliver on the deal – which can act as a blueprint for collaboration in other countries."
