UK s oil and gas sector outlines net-zero vision, but remains reluctant to downsize
The watchdog for the UK s oil and gas industry has published a strategy designed to align businesses with the 2050 net-zero target, but green groups want more done to cap production and increase investment in renewables.
The UK s oil and gas sector employs 270,000+ people and pays £350m+ in taxes annually
The Oil & Gas Authority (OGA) published the 13-page strategy earlier this week and plans to lay it before Parliament when MPs return from the winter recess in January. It is the first revision to the strategy since the UK Government enshrined its net-zero target in law last year.
Important moment : UK oil and gas industry tasked with net zero obligations
Semi Submersible Oil Rig at Cromarty Firth, Scotland
Industry watchdog the Oil & Gas Authority submits revised strategy to Parliament that for the first time includes obligation for sector to support pursuit of UK s 2050 net zero goal
The UK s oil and gas industry watchdog has the first time set an obligation for the sector to contribute to the nation s 2050 net zero emissions target, in a revised strategy submitted to Parliament yesterday.
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UK: New net zero requirement for UK oil and gas industry
16 Dec 2020
A revised Strategy from the Oil & Gas Authority has been submitted for laying in the UK parliament, featuring for the first time an obligation on the oil and gas industry to support the UK’s net zero target
Oil and gas are expected to remain a vital part of the UK’s energy mix for the foreseeable future, and the landmark Strategy positions the UK Continental Shelf (UKCS) as a key enabler for the transition towards net zero carbon
The onus is on industry to step up efforts to reduce emissions from existing and new production; support game-changing carbon capture and storage projects; and help unlock clean hydrogen production
UK: Jersey Oil and Gas announces Greater Buchan Area exploration and licensing update
14 Dec 2020
AIM-listed
Jersey Oil & Gas has announced the results of a comprehensive subsurface evaluation that has been completed across all of the Company s licensed acreage. The evaluation has validated the Company s existing prospectivity and has identified a significant new prospect named
Wengen, located on
Tweedsmuir field.
Verbier Deep, Cortina NE (J64), Wengen (P2170) and
Zermatt (P2497) with aggregate
P50 prospective resources of 222 MMboe (including upside potential to Cortina NE (J64) that, in the success case, could be tested by an initial exploration well and a side-track well). Individual probabilities of geological success ( Pg ) range from 16 to 30%.