The UKCS has been an extraordinary national asset for half a century, providing a stable domestic supply of oil and gas, which in turn has generated £375 billion in tax revenue. Whilst domestic demand exists, it can continue to support home-grown energy production, provide energy security and support the economy.
The North Sea in particular has a strong history of being the testing ground for energy technologies that have since become common place around the world. It has outstanding potential to continue this role with yet further focus on developing clean/low carbon technologies that will deliver the global energy transition. In the more recent decades, the UKCS has been recognised as an ideal place to house renewable generation technologies including fixed and floating wind and it is now set to house the subsurface storage facilities required for captured emissions.
In brief, the UKCS will continue to be a hotbed of innovation. Newly sanctioned oil and gas projects will rightly have to meet the highest standards of anywhere in the world, so that the products delivered to domestic end users are of the lowest carbon intensity achievable. This shared environment also brings opportunities for integration and co-location, to further increase efficiencies. In short, it has a bright future and will continue to be an extraordinary national asset.