New report

Oil and gas seeks support in transition to green energy

Brent Oil field

Oil and gas has a key role in the green recovery says the report

A new report on the oil and gas sector has shown that carbon emissions have fallen at twice the global rate and that the industry can play a big part in the transition to a green economy.

Oil and gas UK chief executive Deirdre Michie said the government should draw on the expertise in the sector to achieve its goals as 85% of its members seek to diversify into non-oil and gas activities over the next two years.

The organisation’s Economic Report revealed that the UK’s carbon emissions fell by an estimated 10.3% this year, compared to a global reduction of 5.5%.

“Today’s report highlights that we have a unique opportunity for the transition towards a lower-carbon future to be homegrown in this country and potentially exported across the world, she said.

“2020 has been an incredibly challenging year for the oil and gas supply chain as it faced both the well-documented impact of Covid-19 and the subsequent decline in demand for energy.

Newsletter

“Utilising the expert technical knowledge that exists within the substantial UK oil and gas supply chain is fundamental if we are to evolve toward a lower-carbon future.”

The Economic Report highlights the potential for the oil and gas supply chain to support the development and implementation of technologies such as hydrogen fuel production and carbon, capture, storage and usage.

Ms Michie added: “Our Economic Report 2020 shows that oil and gas produced in the UK will continue to support energy security in the decades to come, but as part of a changing and cleaner energy mix.

Leave a Reply

Your email address will not be published. Required fields are marked as *

This site uses Akismet to reduce spam. Learn how your comment data is processed.