OGA: New UK net-zero target strategy comes into force
The revised Oil and Gas Authority (OGA) Strategy featuring a range of new net-zero obligations for the UK oil and gas industry has come into force.
“[…] As neither House passed a negative resolution, the OGA may issue the revised OGA Strategy in the form laid before Parliament. Therefore, the OGA issues the revised OGA Strategy and hereby specifies that the OGA Strategy comes into force on 11 February 2021 […]”, the Authority stated.
The oil and gas currently provide about 75 per cent of the UK energy consumption and official government forecasts expect oil and gas to remain important to the UK’s overall energy mix for the foreseeable future, including as the country transitions to net-zero.
The OGA believes that the industry has the skills, infrastructure, and capital necessary to help ensure that the net-zero target is achieved.
The revised Strategy reflects the ongoing energy transition and features a range of net-zero obligations on the oil and gas industry, including stepping up efforts to reduce production emissions, support carbon capture and storage (CCS) projects and unlock clean hydrogen production.
The OGA is now actively implementing the revised Strategy into its work. Guidance documents are being updated to help the industry understand how operations may need to alter to achieve the new requirements.
The Authority added that a new stewardship expectation was also being developed to reflect the revised Strategy and its net-zero target.
To remind, a month before the revised Strategy was put before the UK Parliament, Prime Minister Boris Johnson released a £12 billion plan for a ‘green industrial revolution’ that is expected to support up to 250,000 jobs.
Aside from mobilising £12 billion of government investment to create and support up to 250,000 highly skilled green jobs in the UK, the ten-point plan is also expected to spur over three times as much private sector investment by 2030.