Projects

Right now, the UK Government is consulting on widespread policy changes that will determine the future of the North Sea. Today marks the last day of the consultation. This article summarises what is required to ensure that workers, communities and the wider public benefit from the North Sea’s transition from an ageing oil and gas basin to a thriving renewable energy powerhouse.

The government is looking to reconsider the key goal underpinning UK oil and gas policy. For the past decade, UK oil and gas policy has been legally bound to maximise economic recovery (MER) of oil and gas. In other words, to extract as many economically viable barrels as possible from the North Sea. However, a legal obligation to maximise extraction holds the government back and limits its ability to manage the transition in the public interest.

The UK government is undertaking to transition the North Sea from oil and gas production to clean energy generation to ensure that it provides the future jobs, investment and energy that this country needs, and respects safe climate limits. To support the delivery of its commitment not to issue new oil and gas licences to explore new fields, the government has just announced a consultation on the future of the North Sea, designed to develop a plan to drive the development of the UK’s offshore clean energy industries, create good, long-term jobs, as well as growth and investment in communities across the North Sea.