European deal to drive cleaner energy

A group of trade bodies representing the five countries across Europe pioneering lower carbon oil and gas in the North Sea have today signed a formal agreement to work together to advance the transition to net zero emissions.

Many oil and gas companies are already investing in renewable energies, as well as driving forward hydrogen and carbon capture and storage. In a Memorandum of Understanding signed by the UK, Denmark, Norway, the Netherlands and Germany today, the representative bodies committed to play their part in tackling climate change.

It includes a commitment to host an annual summit to share progress to cut industry emissions and develop technologies which could be critical in helping other sectors reduce emissions.

Commenting on the landmark agreement, OGUK Chief Executive Deirdre Michie OBE, said: “The UK oil and gas industry is changing and the North Sea Transition Deal sets out in detail how our industry is working to support the delivery of the UK Government’s climate targets and use our skills to help other industries do the same. Today’s agreement recognises that climate change doesn’t stop at the border and commits us to work together to give millions of people access to cleaner energy and deliver a managed transition towards net zero.”

Director General of the Norwegian Oil and Gas Association, Anniken Hauglie said: “Climate change is one of the biggest challenges of our times. All countries and sectors in the world, including oil and gas, must contribute to the elimination of greenhouse gas emissions, and this must happen quickly. It will be a demanding but absolutely necessary task. We want to help create a new and forward-looking energy industry on the Norwegian Continental Shelf where we use the knowledge and expertise from the oil and gas industry to develop the sector further. Our members are heavily involved in helping to develop new value chains that are needed for the world to reach net zero emissions. Changing an entire society does not happen overnight, and in order to succeed, we must go in the same direction, together.”