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NSTA analysis shows the UK Continental Shelf (UKCS) can make a major contribution to net zero. Oil and gas infrastructure and capabilities can be leveraged for CCS, offshore wind deployment, and hydrogen transport and storage.

Carbon Capture and Storage (CCS) is critical to the UK achieving net zero – government aims to capture and store 20-30 million tonnes of CO2 per year by 2030 and over 50 million tonnes/yr by 2035.

The oil and gas industry has the skills, technology and capital to help unlock solutions required to help the UK achieve net zero.

Benchmarking industry performance continues to play a significant role in driving industry improvements, and the NSTA has, since 2020, introduced benchmarking of performance to track progress towards net zero.

The NSTA published analysis in May 2020, comparing the carbon intensity of United Kingdom Continental Shelf (UKCS) gas with imported liquified natural gas (LNG) and pipelined gas.

The OGA Strategy (“Strategy”) is clear that operators and licensees should develop good Environmental, Social and Governance (“ESG”) practices in their plans and daily operations.

The NSTA set up a cross industry/investor and lender ESG taskforce in 2020 when it was clear from investor/lender engagement - itself under pressure to support low-carbon business - that there was a gap between investor expectations and what was actually being reported by industry.

Joanne Edgeler, Head of Licensee Governance and ESG, NSTA Marc Benton, Senior Investment Manager, NSTA