The continuing importance of UKCS oil and gas production.
Official forecasts show that oil and gas will remain a vital part of the UK’s energy mix as we move towards net zero.
Managing the economic recovery of declining North Sea production and minimising greenhouse gas emissions are both essential.
Managing the declining production and supporting the move to net zero carbon as cleanly and efficiently as possible also brings broader economic benefits including jobs and future exchequer revenues.
The North Sea Transition Authority have a vital role. We regulate the licensing of exploration and development of the UK’s offshore and onshore oil and gas resources, gas storage and unloading activities. And through effective asset stewardship, supporting exploration through field development to decommissioning, we aim to optimise efficiency and ensure economic recovery and support the drive to net zero carbon by 2050, while maintaining rigorous standards of safety and environmental management.
Effective stewardship is achieved when assets are in the hands of those with the will, behaviours and resources to do the right things to identify and pursue opportunities.
Should the NSTA become aware of behaviours that indicate a lack of awareness of the obligations imposed by the NSTA Strategy, the NSTA have a range of powers allowing us to intervene. Further details can be found here.