The Oil and Gas Authority (OGA) recently announced their ‘Revised Strategy’ coming into force (see their 16/12/20 and 11/02/21 announcements, respectively). The ‘Central Obligation’ is for relevant persons to:
- Maximise the recovery of economically recoverable petroleum from strata beneath UK waters.
- Take appropriate steps to meet the net zero target, by reducing emissions (flaring, venting, power gen) and supporting CCS projects.
In addition, under ‘Asset Stewardship’, owners and operators must ‘achieve optimum potential’ for the reuse or re-purpose of infrastructure, in account of the net zero target, taking into consideration the stage of development, technology and geological constraints.
Gas2Wire Ventures is well positioned to support operators and deliver fully on this strategy. Our strategy creates a series of ‘real options’ for ‘traditional’ oil and gas projects and the associated infrastructure, which can be repurposed (for projects such as CCS) in the wake of rolling out offshore power infrastructure. Gas2Wire is the enabler, the start of a transition pathway, which is able to maximise economic recovery, eliminate flaring, venting and deliver substantial emissions reductions. These ‘enabling’ projects will achieve optimum levels of performance on many levels, including production efficiency, energy efficiency and cost efficiency.
Article by Paul Dinham
15th February 2021