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Is net zero oil and gas production possible?
The UK’s offshore oil and gas industry has committed to cutting operational emissions in half by 2030 and achieving net zero production by 2050. Operators have already taken significant steps on the path to decarbonisation – but achieving these goals will take leaps forward in technology, policy and investment.
This is the fourth of our five-part series exploring the Wood Mackenzie/OGTC report Closing the Gap: Technology for a Net Zero North Sea. In this article, we focus on how the oil and gas industry can balance its efforts to sustain oil and gas production against growing pressure to decarbonise. Fill in the form to download the chapter on oil and gas and the technology roadmap to 2050. Or read on for a summary of key themes.
Picture: Viaro Energy SCOTTISH energy giant SSE has agreed to sell its North Sea gas business to acquisitive Viaro Energy for £120 million amid the shake-up in the area . The deal will allow London-based Viaro to acquire stakes in a range of big North Sea assets including the giant Laggan Tormore development West of Shetland. It will let SSE complete its long-awaited exit from the North Sea exploration and production business. SSE has decided to focus its investment on renewable energy generation and related networks. Oil and gas prices have plunged this year amid the fallout from the coronavirus crisis, prompting firms to slash spending in the North Sea and to put assets up for sale.
Statoil to build the worldâs first floating wind farm: Hywind Scotland
Statoil has made the final investment decision to build the world s first floating wind farm: The Hywind pilot park offshore Peterhead in Aberdeenshire, Scotland.
This marks an important step forward for offshore wind technology, and potentially opens attractive new markets for renewable energy production worldwide.
The decision triggers investments of around NOK 2 billion, realizing a 60-70 percent cost reduction per MW from the Hywind demo project in Norway.
Statoil will install a 30 MW wind turbine farm on floating structures at Buchan Deep, 25 km offshore Peterhead, harnessing Scottish wind resources to provide renewable energy to the mainland. The wind farm will power around 20,000 households. Production start is expected in late 2017.
The Oil & Gas Authority ( OGA ) published its final on 6 August 2020. It highlights the additional potential for offshore renewables to contribute approximately a further 30% towards the UK’s net zero target. This means the UK Continental Shelf (UKCS) could support, in combination with complementary investments in onshore energy infrastructure, around 60% of the UK’s decarbonisation requirements.
Part of the OGA s review included a regulatory assessment. The Report notes that regulatory regimes already exist in respect of the different energy sectors operating on the UKCS and each has supported the safe and successful economic development of multiple UKCS energy sources.
Moving forward, the OGA considers that energy integration projects will require