Securing the long-term future for North Sea energy production
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SECURING THE LONG-TERM FUTURE FOR NORTH SEA ENERGY PRODUCTION
The North Sea’s future as an asset for the UK will be undeniably different to its past and present. It has been a critical resource for decades, providing oil and gas for domestic use and export, while supporting the development of new industry and technology.
Now its viable reserves are dwindling, just as the threat to our planet from climate change looms ever larger and the call to move at speed to renewables grows. So, the choice on what to do with the North Sea might seem straightforward. But we stand at a crossroads where the decisions we make will have huge repercussions for the industry, its 200,000 strong workforce and the UK’s energy security.
This paper evaluates the complexities of the transition, paving the way to more strategic decision-making which looks not just at the immediate decisions for management of the North Sea, but the legacy of existing and new forms of energy production.