Wireline Issue 48 - Summer 2020

Below: Committee on Climate Change CEO Chris Stark (left) addresses attendees at OGUK’s APPG reception in Westminster, 11 March. Right: OGUK’s three-stage framework for industry recovery. Below right: OGUK's Gareth Wynn with ABB's Head of Energy Transition to Net Zero (UK), Stuart Young at the Imperial College London CCS pilot plant.

jobs in the sector could be under threat without urgent collective action.

Stakeholders welcomed at APPG Reception Prior to lockdown in mid-March, the annual UK Oil and Gas APPG Reception was well attended by MPs and Industry representatives on the Terrace of the House of Commons. Guests were addressed by CEO Deirdre Michie, Chair of the APPG Peter Aldous MP, and Committee on Climate Change CEO Chris Stark (pictured), the author of the ground-breaking Committee on Climate Change report. All of the speakers stressed the need to meet our net-zero ambitions, and the need for the industry and stakeholders to come together to achieve that. OGUK would like to thank all members and stakeholders who attended the event, despite difficult circumstances.

Three-stage framework proposed to secure jobs, sustainability

OGUKhas asked governments and regulators to support a three-stage framework to support the sector in dealing with the immediate crisis while positioning it to play a key role in the UK’s transition to a net-zero future. Recommendations include improved current COVID-19 financial packages, retaining a sector-leading and progressive regulatory, fiscal and policy framework, as well as the development of a sector deal which will support the supply chain and accelerate the UK towards net zero. UKNDR: Happy 1st Birthday! The UK National Data Repository for technical oilfield data celebrated its first birthday on 19 March. Operated by CDA, OGUK’s data and digital subsidiary, and built

Published on April 28, OGUK’s Business Outlook: Activity and Supply Chain report, has called for urgent action to protect energy security, jobs, and energy regions following the impact of COVID-19 on operations and commodity prices. Findings indicate that industry CAPEX could fall to between £3.5-4 billion, the lowest investment since 2000 and amongst the lowest levels of investment since the early 1970s. OGUK also anticipates that OPEX will be reduced by 10-20%, compared to expectations at the start of the year, to around £6-7 billion. As a result, up to 30,000

6 | w ire lin e | S u mm e r 2 02 0