Olivia Woods
On November 30, the North Sea Transition Authority (NSTA) organized a session for government and industry to talk about energy security, the transition to net zero energy, and the difficulties of keeping investments in the North Sea.
“Today’s frank and constructive conversation has helped focus positive actions for industry, government and the NSTA to take over the coming months in support of energy security and a healthy supply chain whilst accelerating the energy transition,” said NSTA CEO, Dr. Andy Samuel.
The North Sea Transition Forum was held in London, and it gathered industry officials, the Department of Business, Energy, and Industrial Strategy (BEIS), the Treasury, and the Scottish Government.
In the United Kingdom, the oil and gas industry is managed by a forum that directs the efforts of seven different task groups.
The attendees of the forum addressed the regulatory, economic, and political priorities for the year 2023. Although the sector is expected to generate $17.8 billion in tax revenue in the upcoming fiscal year (2022/23), representatives of the industry have expressed worries about the need for further investment in light of recent modifications to the Energy Profits Levy.
The importance of capitalizing on the opportunities provided by carbon capture and the hydrogen economy, as well as steps to assist the future of the UK’s supply chain for current and future energy projects, were also discussed in the forum.
Additionally, companies have promised that by 2030, at least half of all investment in UK energy transition and decommissioning initiatives will be made through UK supply chain companies.
“The forum is a key arena for engaging with the government and ensuring that long-term fiscal and policy plans are in place to support the UK’s energy security while driving the transition to cleaner, low-carbon energies of the future,” said Deirdre Michie, CEO of Offshore Energies UK.
Original source material for this article taken from here
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