Economic Report 2022 - OEUK

Energy security and climate aims

Even with net zero – oil and gas will still be the UK largest fuels for at least another decade

With demand recovering from the pandemic, the Russian conflict in Ukraine has sparked an energy supply crisis

The UK and global economies are reliant on fossil fuels

In 2021 UK oil and gas production was enough to meet 5 6 % of UK needs 38% of gas 75% of oil

The UK’s offshore sector has helped protect the UK from these supply shocks

The UK’s gas production increased by 27% in the first half of the year

New investment is needed to manage this production – or imports will grow massively

Enough to meet half of demand in summer 2022

30 mn mt

UK ambitions is to have 10GW of low-carbon hydrogen production and up to 30mn mt of CO2 stored per year by 2030 50 GW

The UK’s offshore wind capacity has grown to 12 GW , with plans to increase to 50 GW

The offshore sector has the potential to provide 60% of the UK’s

Oil and gas production emissions are down 20%

60%

20%

The transitioning oil and gas sector is crucial

The skills and experience

across the supply chain are driving projects forward

to achieving these plans

since 2018

emissions reduction needs

4

ECONOMI C REPORT 2022