North Sea

That’s according to a new report from PwC and Oil & Gas UK, which suggests technologies such as Carbon Capture, Utilisation and Storage technology and renewable hydrogen production could be widely deployed in the region

The discovery has been made at the Echino South prospect near the Fram field

The field has expected recoverable reserves of 2.7bn barrels of oil equivalent

Ocean Breeze Energy owns and operates the BARD Offshore 1 wind farm, believed to be Germany’s ‘most productive’ project of its kind

The Norwegian energy giant has also launched a share buyback of up to $5 billion

They say the oil and gas industry produces 2.5 quintillion bytes of data every day but only 1% of this is analysed, which they believe is a ‘missed opportunity’

It has received backing from major companies including BP, Equinor, Shell, Siemens, Total and Wood

Current data shows there are more than two billion barrels of oil equivalent in near-field opportunities that could potentially be unlocked

The Mariner field is estimated to produce more than 300 million barrels of oil over the next 30 years

Industry reports suggest £15.3bn is forecast to be spent on the UK Continental Shelf until 2027