• 3 minutes Looming European Gas Crisis in Winter and North African Factor - a must read by Cyril Widdershoven
  • 7 minutes "Biden Targets Another US Pipeline For Shutdown After 'Begging' Saudis For More Oil" - Zero Hedge Monday Nov 8th
  • 12 minutes "UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System" by Whitney Webb
  • 34 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 9 hours China's aggression is changing the nature of sovereignty.
  • 19 hours Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 22 hours CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 1 day OPEC+ Expects Large Oil Glut In Early 2022
  • 4 hours Ukrainian Maidan after 8 years
  • 20 hours NordStream2
  • 4 hours Delta variant in European Union
  • 18 hours President Biden’s Nuclear Option Against OPEC+ - Waste of Time
  • 1 day Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 1 day Forecasts for Natural Gas
  • 4 days "Gold Set To Soar As Inflation Fears Mount" by Alex Kimani
  • 2 days Big Bounce: Russian gas amid market tightness - new report by Oxford Institute for Energy Studies
EV Makers Are Desperate To Ditch Cobalt

EV Makers Are Desperate To Ditch Cobalt

Scarcity, price, and human rights…

UK Oil & Gas Industry Embraces Net Zero Emissions Plan By 2050

The UK’s oil and gas industry plans to become a net zero oil and gas basin in terms of own production emissions by 2050, as the UK North Sea operators support the government’s commitment to cut greenhouse gas emissions to net zero by 2050, Deirdre Michie, the chief executive of the OGUK industry association, said on Thursday.

In June last year, the UK became the first major economy in the world to enshrine in a law its target to reduce its greenhouse gas emissions to net zero by 2050.

Since then, the UK oil and gas industry, via its industry body OGUK, has pledged that it would work toward the UK and Scottish government goals to cut emissions and seize opportunities presented by the hydrogen economy and Carbon Capture Utilization and Storage (CCUS).

Today, OGUK’s chief executive Michie said in a speech in Edinburgh, Scotland, that the UK offshore oil and gas industry would aim to reduce its own emissions from 14 million tons today – currently 3 percent of the UK’s total greenhouse gas emissions – to 0.5 mt by 2050, in line with the Climate Change Committee outlook.

“It will require significant investment, new technology and close working with the renewables sector in Scotland and across the UK,” the CEO of the oil and gas industry association noted.  

The second ‘net zero commitment’ of the industry body is to support the development of CCUS and other low carbon tech at scale, because CCUS would be required in all decarbonization scenarios.

“We are looking to work with governments and regulators to progress the five CCUS projects across the UK which now need to move at pace into the next phase,” Michie said.

Hydrogen is also an opportunity in the path toward net zero emissions, because it could become a “potentially disruptive player in the clean energy mix,” the oil and gas industry’s association chief said.

“We are here and we want to help. And we want to be a positive force in this transition,” said Michie.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News