-
UK government consultation on the agenda at forum
-
Views exchanged on ways to turbocharge investment and job opportunities
-
Industry provides update on transition deal
The North Sea’s exciting future as a clean energy powerhouse which generates investment, jobs and economic growth for decades was the focus of a key meeting between the UK government, industry and regulators today.
Members of the North Sea Transition Forum, which sets the strategic direction for the oil and gas industry, discussed, in particular, the government consultation on ways of fostering a world-leading offshore clean energy industry.
Michael Shanks, Minister of State for Energy Security and Net Zero, UK and Scottish government officials and industry chiefs took part in the forum, organised by the North Sea Transition Authority (NSTA).
On 5 March, the government started seeking views on its vision for the North Sea’s clean energy future, which aims to seize tremendous opportunities created by wind, carbon capture and hydrogen – and deliver a managed and sustainable transition for the oil and gas sector and its workforce. The NSTA’s role in helping the government implement its plans also forms part of the consultation.
Stuart Payne, NSTA Chief Executive, said: “The North Sea’s immense energy and decarbonisation resources give the UK an opportunity to chart its own course through the transition, driving investment and job creation along the way. Transformation on this scale is never straightforward, but through dialogue, collaboration and effective planning, we can arrive at the future we want and even accelerate the process.”
On the same day as the Building the North Sea’s Energy Future consultation was published, a separate consultation was launched on the design of a new mechanism for responding to future oil and gas price shocks to provide certainty for companies and give them confidence to invest in jobs and growth.
Furthermore, the government will soon publish revised environmental guidance, enabling developers to resume applying for consents for already-licensed oil and gas projects.
Leading oil and gas industry figures welcomed the government’s commitment to providing certainty and engaging in meaningful dialogue. They updated the minister on progress towards the North Sea Transition Deal, an agreement between government and industry – signed in 2021 – to reduce greenhouse gas emissions and deliver the skills, innovation and new infrastructure required to decarbonise the North Sea. Last year, the NSTA published the OGA Plan to give operators certainty on emissions reduction requirements and put them on the pathway to net zero.
An update on the seven industry task forces was provided by Simon Roddy, co-chair of the steering group which oversees their work. Minister Shanks, Mr Payne and Mr Roddy thanked task force members for the time and energy they devote – on top of their full-time jobs – to collaborating and driving improvements across the sector.
