Friday 06 December 2019
Select a region

North Sea industry can play significant role in greener future, report claims

North Sea industry can play significant role in greener future, report claims

Wednesday 20 November 2019

North Sea industry can play significant role in greener future, report claims


The North Sea oil and gas industry could play a significant role in the transition to cleaner energy, according to a new report.

Turning the Tide, a paper by PwC and Oil and Gas UK, sets out how the sector could move towards low-carbon production and set a precedent for a greener future.

It argues alternative-use infrastructure could be used for carbon capture, utilisation and storage (CCUS) technology and the production of hydrogen.

The report is based on interviews with more than 20 key energy industry stakeholders, highlighting how recent changes in ownership have seen independents and private equity-backed firms gain a strong position in the region.

Drew Stevenson, energy sector leader at PwC UK, said: “There is a necessary urgency to move to a low-carbon world.

“As our report illustrates, there is huge potential for the North Sea to play a significant role in the energy transition, setting a precedent for facilitating the move to a clean energy future.

“The appetite exists for the North Sea energy industry to play a significant role in the transition.

“Investor sentiment is rapidly becoming more committed to low carbon technologies while smaller exploration and production companies are looking at ways to reduce the carbon footprint of their operations.

“All of this creates an opportunity for the North Sea to lead the way in the energy transition.”

CCUS is the practice of capturing the carbon dioxide released by industrial sources such as power stations and burying it deep underground.

Infrastructure is already in place across the region that could be used to store the gas through depleted oil and gas fields, according to the paper.

It adds that the North Sea can play an important role in a technology that is seen as a way of helping to reduce carbon emissions.

The report also argues the region could be important for hydrogen production, storage and transportation, whether by converting natural gas into hydrogen or through electrolysis, using offshore wind-generated energy.

Sign up to newsletter

 

Comments

Once your comment has been submitted, it won’t appear immediately. There is no need to submit it more than once. Comments are published at the discretion of Bailiwick Publishing, and will include your username.

There are no comments for this article.

To place a comment please login

You have landed on the Bailiwick Express website, however it appears you are based in . Would you like to stay on the site, or visit the site?