The UK oil and gas industry should commit to clear measurable greenhouse gas targets, with real progress on methane, was the key message of the Chairman of the Oil and Gas Authority (OGA) while addressing a group of senior industry leaders at a meeting of the MER UK Steering Group in Aberdeen on 15 January.
Namely, Tim Eggar noted that the oil and gas industry’s ‘social licence to operate’ is under serious threat and there is no scope of a second chance, adding that it must do more to help solve the challenges of climate change and the drive to net zero.
In line with the government’s legally-binding commitment to net zero emissions by 2050, Mr. Eggar stressed that the oil and gas industry must do everything it can to contribute to achieving this, by reducing its own production emissions further.
As such, he called on industry to act much faster and go farther in reducing its carbon footprint.
Ahead of the COP 26 climate conference later this year, he suggested industry would need to develop a package of measures, including:
- The offshore industry to commit to clear measurable greenhouse gas targets, with real progress on methane.
- To show progress on carbon capture and storage, including work having started on major projects.
- Measurable progress on energy integration opportunities – for example, an electrification project.
- An acceleration of the move to ensure there is a diverse array of skills and people for the long-term energy offshore and supply industry.
Industry’s social licence to operate is under threat and there is no scope for a second chance. Real leadership right now is vital if industry is to convince the public and politicians of our relevance; if we do not do so we cannot hope to thrive, compete for talent or continue to access capital…You are now facing a more fundamental challenge; a challenge outside your comfort zone. If together, we do not surmount it we will all be doing the world’s environment a major disservice.
