The UK’s oil and gas sector must take urgent action to advance carbon capture and storage (CCS) technologies.
That’s the verdict from Oil & Gas UK, which has published a new report stressing CCS is critical to the UK’s plans to reach a net zero economy by 2050 and highlighting the oil and gas industry’s “unique position” to lead in its development.
It notes five projects across the country are already currently being explored and calls on both government and industry to work together to progress the development of these facilities, which would work to capture, transport and store carbon dioxide from heavy emitting industrial processes such as fossil fuel-fired power plants.
It also calls for action to increase the potential for low carbon hydrogen to be used as a fuel to heat homes and power cars and predicts national energy sector investment will need to double in order to achieve a decarbonised economy by mid-century.
OGUK CEO Deirdre Michie said: “Our Energy Transition Outlook report shows the changing energy landscape in the UK and the opportunities and challenges it presents all industries, businesses and people, our own included.
“The oil and gas sector will have to earn its position in this new energy world, cutting its own emissions and working with governments and regulators to progress the five CCS projects which now need to move forward into the next phase and developing hydrogen.”