What role will Oil and Gas play in the UK’s Energy mix as it transitions to Net Zero? Will Hydrocarbon Exploration and continued production be part of the energy mix securing investment in reliable and affordable Energy?
ABIS Energy review the UKCS at this pivotal point where policy and action combine to help secure UK Energy Security.
Design of the Climate Compatibility Checkpoint for future oil and gas licensing. “the compatibility of future licensing with UK climate objectives” policy document was published on the 22nd September, this along with the Written Ministerial Statement plus the projects identified in the mini budget provide a framework as to the way forward.
North Sea Transition Authority (NSTA) will launch the 33rd Licensing Round in October, and report good progress on 29 Projects in the licensed acreage. UKCS Gas production is +29% YTD. There has been an encouraging response in Applications for the 1st Carbon Storage Round along with progress on emissions reductions.
Investment will be needed in the UK’s energy supply to secure an orderly transition. Indeed, there are many challenges regarding energy transition, supply and storage which public policy must address over the next decade?