The Future of Oil & Gas 2020 event, hosted by Reuters Events, took place in December 2020. In one particular talk, representatives from OGUK explored how the oil and gas industry is changing and the role it has to play in the journey to ‘Net Zero’. Some of the key points were:
- The UK oil and gas sector has welcomed the changes required for a low carbon future, responding by finding ways to support the UK in its journey to Net Zero.
- Companies within the sector are already exploring enabling opportunities.
- There has not been sufficient projects investigating Carbon Capture and Storage (CCS), yet recently there has been an increase in companies looking to invest and accelerate CCS technology.
- The future of offshore oil and gas will rely on a diverse workforce with transferable skills – new sectors and technologies are required to achieve Net Zero.
- UK oil and gas production currently supports c. 130,000 jobs and in 2035 is expected to have an additional 40,000 new entrants, contrary to an expectation that it might shrink.
At G2W Ventures, we share the vision for pursuing enabling opportunities and acknowledge the challenges that the operators are facing. By converting traditional gas production facilities to ‘gas2wire’ projects, we intend to generate cleaner electricity and begin the journey to a Net Zero future, in turn creating several opportunities to facilitate/accelerate further transitions within the energy sector. G2WV is well positioned to offer these ‘cleaner2greener’ solutions to the oil and gas industry that will need to co-exist with the renewable sector during the transition period.
Article By Caroline Tsvigu
11th January 2021