Introduction from the Chief Executive
The UK’s North Sea energy industry is an amazing success story. Following the award of the first oil and gas licence 60 years ago, the sector has been integral to keeping the lights on and homes heated nationwide. It has employed hundreds of thousands of skilled men and women and contributed billions of pounds to the economy.
Now we are at the start of an exciting new chapter devoted to the vital energy transition which integrates the North Sea’s carbon capture, hydrogen, wind and oil and gas resources. The climate crisis demands that the transition happens at pace and, if we get it right, this chapter can truly be the best and cleanest yet.
The NSTA will be at the forefront. We recently awarded the UK’s first ever permit for carbon storage to the Northern Endurance project, kickstarting a multibillion pound-industry which is poised to create tens of thousands of jobs and drive the UK to net zero. For many years reaching this milestone was an ambition. Collaborating with industry, government and other regulators, the NSTA has helped turned this into a reality. We are determined to propel many more CCS projects forward in the coming years.
In this new chapter, the sector will play a pivotal role. Oil and gas will continue to be part of the energy mix for decades as we transition, and domestic production can and must keep getting cleaner. The world-class supply chain, with its track record of tackling some of the most complex engineering challenges on earth, will be crucial in delivering decarbonised production and the CCS, hydrogen and floating wind projects the country needs.
The North Sea has played a major role in the world’s energy mix for decades. Its global leadership of the energy transition has only just begun.
