Sector in transition
Net zero North Sea could create 200,000 jobs
The oil and gas sector is in transition
Innovation across the renewable and fossil fuel sectors could create more than 200,000 jobs and contribute more than £2.5 trillion to the nation’s economy by 2050, according to a report from the Oil & Gas Technology Centre.
Closing the Gap: Technology for a Net Zero North Sea, produced by global natural resources consultancy Wood Mackenzie for the OGTC, with support from Chrysaor and the Scottish Government, sets out a technology roadmap for an integrated energy future in the North Sea.
The report outlines how accelerating the development of new energy technologies can dramatically reduce emissions, and how adopting new technologies will harness the full potential of the UK’s world-class natural resources from renewable power sources and oil and gas, to hydrogen and long-term carbon storage.
The oil and gas sector, including its workforce, supply chain and infrastructure, can enable and accelerate the growth of the renewables sector, while renewable energy sources will be critical in supporting the oil and gas industry on its journey to net zero.
Realising this integrated vision will require £430 billion of new investment to close the gap on a number of crucial technologies and accelerate their deployment. These include:
Oil and gas platform electrification, methane leak detection and flaring mitigation
Larger blades, taller towers and automated inspection technology for fixed offshore wind
Optimised and standardised floating offshore wind foundation designs
Innovative hydrogen membranes and CO2 sorbents to improve blue hydrogen yield
New saltwater electrolysis technologies to reduce the cost of green hydrogen production
Advanced catalyst materials for hydrogen fuel cells to reduce costs and improve durability
New solvents, sorbents, membranes and conversion solutions to reduce the cost of CCS
Power take off solutions and support systems for marine renewables such as floating solar
Colette Cohen, CEO at OGTC said: “Reimagining the North Sea as an integrated energy system is essential for the UK and Scotland to achieve their net-zero ambitions.
“But we need to invest now to close the gap on the key technologies needed to make this ambition a reality.”