Economic Report 2019

ECONOMIC REPORT 2019

There are several pathways that oil and gas companies can follow to contribute towards the drive towards net- zero carbon emissions in the UK. This ranges from helping to maintain indigenous oil and gas production at a lower emissions intensity (thereby helping to provide energy security by displacing international imports) to incremental investments in alternative energy sources.

Figure 25: UK Oil and Gas Energy Transition Pathways

UK Oil and Gas Production on the Path to Net-Zero Emissions PROGRESSING

a World-Leading Offshore Low-Carbon Industry DEVELOPING

and Deploying Emissions Mitigation Technologies SUPPORTING

Other Low-Carbon Business Opportunities EXPANDING

Expand and support low-carbon business

Support the development of a CCUS industry

Aim to be producing 1.1 million bpd in 2035 Reduce reliance on international imports, maintaining energy security Maintain international competitiveness in alignment with Roadmap 2035

0.5 MTCO 2 e GHGs from production and operations by 2050 Significantly reduce emissions intensity from operations Understand and reduce wider upstream emissions (logistics, supply chain)

Advocate for hydrogen fuels

Enable the transfer of skills across the offshore energy sector

development around the UK

Explore other mitigation technologies

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