OGUK - Our Priorities for Government

Our commitment to Net-Zero

T his industry can play a major role in delivering the UK’s net-zero future. It can help deliver secure and affordable energy in a safe manner and contribute to the low carbon solutions that will be required to realise the UK’s ambitious climate change goals. Oil and gas companies are already in action, using their skills, expertise and resources and developing their energy portfolios in ways that will help move the UK towards net-zero. A positive future for the industry is outlined in our recently published Roadmap to 2035: a Blueprint for Net-Zero . This roadmap represents the evolution of industry’s Vision 2035 and has been developed following extensive engagement through the Our Vision, Our Future campaign. Roadmap 2035 outlines what is already happening in our sector and what will be undertaken, to ensure a safe, sustainable oil and gas industry that contributes to a net- zero future. Production of domestic oil and gas directly accounts for around 1.2% of the UK’s GDP and will continue to contribute billions of pounds of taxes in the future, as well as securing hundreds of thousands of skilled jobs. It is an important contribution that is key to the well-being of the UK’s economy and one that industry is proud to make.

Industry’s performance continues to improve and, as a result, the UK sector is more competitive than it has been for many years. New investors are being attracted to the basin, with almost $5.5 billion of assets changing hands so far this year. Fresh opportunities are being unlocked and drilling activity is increasing following record-low levels in recent years. The international competitiveness of the sector will remain critical to ensuring that as much as possible of UK consumer demand for oil and gas  is met from our own domestic resources. This competitiveness depends on a tripartite approach involving the industry, government and regulators.  A predictable, stable fiscal and regulatory environment is essential to encourage investment and to keep our world class supply chain anchored here. Their technical capability, and our highly skilled people, are fundamental to our existing industry as well as  for delivering the low carbon technologies of the future. 

Thank you for your continued support.

Deirdre Michie, Chief Executive, OGUK