North Sea oil executives believe the ageing fossil fuel basin may still lead a global climate revolution by providing a testbed for clean energy breakthroughs. An industry report has revealed that the North Sea could emerge as an unlikely climate hero by becoming a global showcase for the energy transition after decades producing fossil fuels. The basin has produced almost 40bn barrels of oil over the last 40 years, but as oilfields decline the empty caverns could be used to store carbon emissions, according to PricewaterhouseCoopers. The advisory firm added that North Sea gas producers may eventually be able to produce zero-carbon hydrogen by using electricity generated by offshore wind turbines to split the carbon molecules from natural gas. The North Sea is already equipped with major offshore infrastructure, such as pipelines and platforms, which could be used to help transport and store the carbon emissions captured by UK factories and hydrogen producers. Drew Stevenson, PwC’s UK energy sector leader, said there is “huge potential” for the North Sea to help meet the “necessary urgency to move to a low-carbon world” by focusing on low-carbon innovations and new technology. PwC based its report on interviews with 20 key energy industry executives to pinpoint how the North Sea could adapt to a net zero-carbon future.
Guardian 20th Nov 2019 read more »
Hydrogen production, alternative uses for infrastructure and carbon-capture are highlighted as being among the ways that the oil and gas basin could become a global leader. The Turning The Tide report, compiled by PWC and Oil & Gas UK, the industry body, also looks at how innovation and technology are changing offshore operations.
Times 20th Nov 2019 read more »
Scotsman 20th Nov 2019 read more »
Herald 20th Nov 2019 read more »
Energy Voice 20th Nov 2019 read more »