The UKCS (UK Continental Shelf) has been an extraordinary national asset for over half a century, which in turn has generated over £375 billion in tax revenue. The North Sea in particular has a strong history of being the testing ground for energy technologies that have since become common place around the world. Accelerating investment will ensure it continues to have a direct and enduring benefit to the British economy.
It has outstanding potential to continue this role with yet further focus on developing clean/low carbon technologies that will deliver the global energy transition. In more recent decades, the UKCS has been recognised as an ideal place to house renewable generation technologies including fixed and floating wind and it is now set to house the subsurface storage facilities required for captured emissions. It can continue to support home-grown energy production, provide energy security and support the economy.
In brief, the UKCS can continue to be a hotbed of innovation. Newly sanctioned oil and gas projects will rightly have to meet the highest standards of anywhere in the world, so that the products delivered to domestic end users are of the lowest carbon intensity achievable. Fostering a shared environment also brings opportunities for integration and co-location, to further increase efficiencies while demand gradually reduces.
Ref: gov.uk