North Sea energy industry ahead of greenhouse gas emissions targets
London, September 17, 2024, (Oilandgaspress) ––The UK oil and gas industry has more than halved methane emissions since 2018 and reduced overall emissions associated with the production of oil and gas by 28% in the same time frame.
This means the UK will achieve targets agreed with government for methane reduction seven years ahead of the 2030 deadline and exceed the 25% reduction target for production emissions four years ahead of schedule.
The results are published alongside other welcome new figures in Offshore Energies UK’s 2024 Emissions Reduction Report.
Methane emissions have fallen by more than 50% since the 2018 baseline and there has been a substantial decrease in overall greenhouse gas emissions from oil and gas platforms which have also fallen by more than the target of 25% since 2018.
This overall emissions reduction target has been achieved four years ahead of the target date of 2027.These emission reductions align with the goals set out in the North Sea Transition Deal, which committed the oil and gas industry to emissions reductions of 10% by 2025, 25% by 2027, and 50% by 2030.
Our analysis shows nearly 70% of the reductions have been achieved through operator improvements such as modifying power systems used to extract oil and gas from reservoirs deep under the seabed, or introducing new systems to capture unused gas under pressure that was previously burned off for safety reasons.
Emissions from these so-called flaring and venting processes have also fallen by more than half in the past five years.
Assessments by OEUK show the North Sea still has the potential to unlock the equivalent of 13.5 billion barrels of domestic oil and gas.
Securing a continuing supply of homegrown energy will also sustain the energy supply chain which is vital to bringing wind or hydrogen energy ashore as the UK transitions to a greater reliance on clean renewable energy.
Unlocking private investment in this homegrown energy supply will help protect 200,000 jobs, provide billions in revenue to the Treasury and reduce UK dependence on insecure imports from abroad which not only involve higher greenhouse gas emissions but also risk exposure to more price and supply shocks.
Data published earlier this month by OEUK showed government revenue from the North Sea could fall by as much as £12 billion by 2029 if all the proposals under discussion are implemented to raise total taxes on profits to 78% and remove tax allowances on new investment.
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