North Sea oil and gas operators are considering investing up to £3 billion in 14 major projects aimed at reducing up to 32 million tonnes of lifetime carbon dioxide equivalent emissions from their production activities.
This potential reduction exceeds London‘s estimated annual emissions for 2021.
The proposals were highlighted at the North Sea Transition Authority’s (NSTA) annual performance review, which focused on actions to safeguard the industry’s future and sustain production.
The projects involve using low carbon power on platforms, installing technologies to eliminate routine flaring and venting and incorporating hydrogen.
These initiatives could go live between 2024 and 2030, contributing significantly to the sector’s emissions reduction targets.
However, fewer than half of these projects have secured final investment decisions, indicating further work is needed.
Stuart Payne, NSTA Chief Executive, said: “Operators must routinely seek out opportunities to deliver significant emissions cuts, leaving no stone unturned.
“This is vital to preserve widespread support for the sector, enabling it to go after future barrels.
“Industry also needs to live up to its well decommissioning responsibilities – another threat to its credibility, which hangs in the balance. Companies who fall short will be held to account by the NSTA. We won’t back down on this priority.”
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