Economic Report 2019

ECONOMIC REPORT 2019

5.1 Roadmap to 2035 The UK oil and gas industry is already taking action to ensure that the UKCS becomes a net-zero basin by 2050, by addressing the carbon footprint of its production operations. Alongside this, the sector has an important role to play in developing and commercialising the technology which will help enable the UK to become a net-zero economy. Becoming a global leader in this area will create opportunities for the UK oil and gas industry to provide knowledge and capability to the global market. In doing so the industry will help ensure continued energy security, by meeting as much as possible of the UK’s oil and gas needs from home-produced resources. Achieving this will help sustain supply chain opportunities in the UK, generate new opportunities around the world and ensure that the industry can retain and attract the diverse and talented workforce it needs, supported by a collaborative and inclusive culture. To help deliver this ambition, specific nearer-term deliverables have been identified, with many of them already in progress and others in active planning. These are outlined in Roadmap 2035 which will continue to develop along with industry. Following significant cross-industry engagement, the roadmap is the evolution of Vision 2035. By 2035 the industry will be on track to: • Become a net-zero GHG emissions basin by 2050 • Meet at least 50 per cent of UK oil and gas demand from domestic production — thereby minimising imports • Grow and diversify energy supply chain export revenues to £20 billion per year • Secure at least 130,000 direct and indirect jobs • Create over £10 billion in economic value through technology and innovation

ROADMAP 2035

A BLUEPRINT FOR NET-ZERO

Supporting net-zero • On track to be a net-zero oil and gas basin • Developing Carbon Capture Usage and Storage and other low-carbon technologies, at scale • Underpinning an increasingly diversified energy system

Helping meet UK energy needs • Providing over half of the UK’s oil and gas demand • Delivering over 1 million barrels of oil and gas each day • Foundation of an integrated energy system on the UK Continental Shelf

Developing people and skills • Developing a diverse workforce with transferable skills, supported by an inclusive culture • Attracting 40,000 people, a quarter of which will be in new roles • Be recognised as a global leader in carbon management

Growing the economy and exports • Continuing to add billions of pounds of value to the UK economy • Increasing exports from the diversified oil and gas sector to £20 billion each year • Increasing the number of supply chain firms exporting by 50%

Driving technology and innovation • Establishing a Net Zero Technology Solution Centre • Creating more than 100 new technology start-ups, adding £2 billion in economic value • Adding over £10 billion in economic value through technology and innovation

Oil and Gas Industry Roadmap to 2035

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