North Sea Transition Deal

 

In March 2021, the UK Government and UK oil and gas industry agreed a Deal to harness the sector’s 50 years of energy expertise. The first of its kind by any G7 nation, the North Sea Transition Deal will accelerate the green energy transition and create a new generation of exciting jobs in communities across the country’s heartlands.

Download the North Sea Transition Deal

 

Commenting, OGUK Chief Executive Deirdre Michie OBE said:

“The North Sea Transition Deal is a transformative partnership which will harness the expertise of the UK offshore oil and gas industry to urgently meet the country’s climate ambitions of net zero emissions by 2050.

“It will unlock billions of pounds of investment and see government and industry work together to deliver a homegrown energy transition, realising innovative low carbon solutions that can be exported globally.

“The Deal will safeguard UK energy security, providing affordable energy to millions of households, secure tens of thousands of jobs in industrial heartlands across the country and support the UK economy. It is the first deal of its kind by any G7 country and a striking example of the UK showing global leadership on climate change ahead of COP26.”

The deal will help to:

  • Unlock up to £16bn in investment over the next decade in crucial low carbon solutions including CCUS and hydrogen
  • Support the creation of up to 40,000 new energy jobs in industrial heartlands across the UK
  • Cut UK emissions by 60 million tonnes, with 15 million tonnes of reductions from industry production by 2030 - the equivalent of annual emissions from 90% of the UK’s homes
  • Boost the world-leading infrastructure – carbon capture – the Committee on Climate Change says is necessary to tackle climate change
  • Kickstart hydrogen here in the UK, building a platform to provide an alternative for heating, heavy industry, and transport
  • Ensure energy communities like Aberdeen and Teesside can successfully transition, retaining jobs and skills and creating a more diverse and inclusive workforce
  • Reduce reliance on imported oil and gas – and be accountable for associated emissions

Click here to view the Press release of the North Sea Transition Deal