A report by Offshore Energies UK found that between 70% and 90% of existing oil and gas capabilities are appropriate for offshore wind and carbon transport and storage, respectively.
By 2030, two-thirds of annual offshore energy expenditure could be directed towards low-carbon sources, compared to the current one-third allocation, it found.
It said that the offshore energy sector is firmly committed to achieving net-zero emissions. “It can also have a huge impact on the outcome, cutting its own emissions while providing crucial oil and gas supplies, underpinning the scaleup of offshore wind farms and establishing carbon storage and low carbon hydrogen industries,” it said.
The majority of energy consumption in the UK is attributed to transportation and heating in homes, businesses, and offices, the report said.
In addition to exploring new energy resources, licensing policies play a crucial role in shaping companies’ perceptions of their future operations in the UK. A survey conducted among Offshore Energies UK members in May revealed that a presumption against new licensing and exploration activities would have a significant negative impact on approximately 70% of UK companies.
Interestingly, supply chain companies displayed a slightly more negative sentiment compared to operators in response to potential policy changes.
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