‘Landmark’ government deal to support oil and gas industry's transition to green energy
The government has announced a ‘landmark’ deal agreed with oil and gas industries to support transition to green energy.
The North Sea Transition Deal between the UK government and industry aims to support workers, firms and supply chains by using the old and gas industry’s existing capabilities, infrastructure and private investment potential to take advantage of new and emerging technologies.
Hydrogen production, Carbon Capture Usage and Storage, offshore wind and decommissioning are some of the technologies that oil and gas companies will pivot into, according to the agreement.
Business and Energy Secretary Kwasi Kwarteng commented: “Today, we are sending a clear message around the world that the UK will be a nation of clean energy as we build back better and greener from the pandemic.
“We will not leave oil and gas workers behind in the United Kingdom’s irreversible shift away from fossil fuels.
“Through this landmark sector deal, we will harness the skills, capabilities and pent-up private investment potential of the oil and gas sector to power the green industrial revolution, turning its focus to the next-generation clean technologies the UK needs to support a green economy.”
Energy Minister Anne-Marie Trevelyan added: “We need to urgently end our reliance on fossil fuels and through our pioneering North Sea Transition Deal we will do so without putting our economy and communities at risk.
“While the future oil and gas sector will look very different to how it does today, the industry, businesses and supply chains it supports will have a new mission to help the UK decarbonise and develop the clean technologies of the future, as we lead the green industrial revolution.”
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