Supporting Net-Zero
Key actions
- Ensure that the oil and gas industry has a critical role in the wider UK energy system
- Monitor progress in operational emissions reduction through development of consistent carbon metrics and benchmarks
- Be on track to reduce emissions from 14 million tonnes CO2e to 0.5 million tonnes of CO2e from offshore oil and gas production by 2050 to become a net-zero greenhouse gas basin
- Facilitate discussion between operators, regulators, government and other key stakeholders to create a plan for carbon reduction and avoidance in the near term, including developing specific targets
- Support World Bank Zero Routine Flaring by 2030 initiative
- Develop post-Brexit carbon trading mechanism in the UK
- Support the development of CCUS and hydrogen projects
- Assist the development of commercial business models for CCUS and Hydrogen and help deliver CCUS, Hydrogen and area electrification projects at scale
- Promote application of our skills, capabilities, assets and knowledge in support of delivery of low carbon production and carbon capture, usage and storage
- Clarify policy ownership and regulations of CCUS and Hydrogen, including appropriate policy changes to reflect re-purposing of assets for the wider energy transition agenda
- Clarify interactions with midstream and downstream markets with respect to CCUS and hydrogen
- Assess the potential for alternative offshore power generation and approaches to deliver low-carbon production e.g. electrification and the use of renewables
- Communicate increasing investments the oil and gas industry are making in alternative energies
- Support the development of UK energy policy required to meet the net-zero ambition and ensure a well-defined role for regulatory bodies
- Streamline policy framework to ensure multi-energy use of UKCS license blocks