What does the North Sea need to transform from a mature hydrocarbon province to an interconnected decarbonised energy hub?

At E-FWD, we see there being three key strands to unlocking future value.

Decommissioning needs to be timed just right, and there is a need to think through what assets can be repurposed and what must be relinquished.

To achieve this, the government will need to take decisions faster and we need more clarity on the pipeline of opportunities.

Offshore wind will be the nearest thing the North Sea has as a replacement to oil and gas. There are crucial differences, though, not least in determining where the value of the industry lies – and working out how best to capture this for local capacity.

Government has shown its willingness to adapt to higher prices, with changes to the CfD processes, carving out a particular focus for offshore wind. Companies must also act, though, discovering new ways of collaborating and driving local content.

And finally jobs and skills, which underpin the energy sector’s present and future hopes. If the UK is to secure the most benefits from its decarbonisation drive, the country must ensure it has the ability to execute its grand plans.

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