Exploration Insight 2022 - OEUK

Offshore Energies The UK’s offshore operators are developing four key new technologies to help the UK achieve carbon neutrality

for the decarbonisation of power generation and hard-to-decarbonise industries, and an enabler for hydrogen production. There are six active carbon storage licences on the UKCS and in June our regulator, the NSTA, launched the UK’s first-ever carbon storage licensing round. The synergies with conventional exploration are important. A steady level of exploration activity in the basin maintains the extensive subsurface knowledge and expertise, services and technologies, that are vital to support exploration of CO 2 storage sites. Recent exploration activity levels in the UKCS are lower than necessary to sustain

reserves and meet UK demand. Against this backdrop of skills, knowledge capability and geology, ongoing political and fiscal uncertainty risk undermining the ability of UK oil and gas industry to meet its full potential as a partner to the UK. With the right support, exploration activity in the UK can play a critical role, ensuring the UK can meet domestic demand, deliver energy security and become an enabler for the energy transition.

Mark Wilson



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