Industry physique Oil & Gas UK’s new Energy Transition Outlook report additionally argues the case that North Sea manufacturing should be maximised by way of to 2035 to make sure safety of provide throughout the transition interval.

The 20-page report units out the political, financial, technological and social drivers currenty influencing the UK power combine and offers a roadmap displaying how present offshore expertise can be utilized to ship on local weather change ambitions.

“Despite the speedy advances in decrease carbon applied sciences there may be ongoing demand for oil and gasoline in a number of key areas together with transport and home heating,” OGUK power coverage supervisor Will Webster stated.

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“A complete of 80% of the UK’s 27 million properties are heated by gasoline, demonstrating the long-term significance of our trade in making certain safety of power provide.

“A decrease carbon future will nonetheless require giant scale power distribution networks, undersea engineering and the mass motion and storage of gases and liquids.

“The position for Carbon Capture and Storage (CCUS) and the event of hydrogen on an industrial scale will even characteristic sooner or later as these will likely be important components of any decrease carbon setting.”

Meantime, EnQuest has accomplished the £230 million acquisition from BP of the remaining 75% curiosity within the Magnus oil discipline.

The operator has additionally acquired an extra 9% stake within the Sullom Voe Oil terminal and two pipeline techniques.

The deal provides 60m barrels of oil equal to EnQuest’s reserves.

The London-listed group first acquired a 25% stake in Magnus and a stake in Sullom Voe Terminal final 12 months.

In September, EnQuest revealed plans for a money increase and its intention to accumulate the remaining 75% of Magnus.

EnQuest stated it anticipated to ship vital value financial savings at Sullom Voe throughout its first 12 months as asset operator.

EnQuest CEO Amjad Bseisu stated: “We are delighted to have accomplished the acquisition of Magnus, the Sullom Voe Terminal and related infrastructure from BP.

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“These belongings are a robust strategic match for EnQuest to which we are able to apply our life extension experience and ship worth for all our stakeholders.”

Source: www.thecourier.co.uk

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