The decline in North Sea oil production could outpace demand without adequate drilling efforts.
That’s the suggestion from the UK’s Secretary Claire Coutinho who stressed the urgency of investing in the energy sector and the development of initiatives to address the North Sea’s challenges to maintain energy self-sufficiency.
Delivering a speech at the Energy UK’s Annual Conference, Ms Coutinho said: “No other technology offers Britain bigger or more exciting potential for our green energy future than carbon capture.
“We will only succeed in the energy transition if we double down on sectors with the greatest opportunities. The greatest opportunities to decarbonise. To help polluting industries go green. And to grow our economy. Make no mistake, carbon capture and storage is one of those sectors.
“So we’ll be publishing a long-term vision for CCUS later this year. But we’re also investing in our world-leading offshore wind sector, delivering enough offshore wind to power the equivalent of every home in Britain by 2030.
“I am committed to a successful AR6, a round that includes offshore wind in which sustainably priced projects will be able to compete. And we’ll be publishing the administrative strike price for the next round in November. In addition, we’ll generate enough solar energy to power over 28 million electric vehicles by 2035.”