The Oil and Gas Technology Center report says innovations in the two could create 200,000 new jobs
New technologies to help integrate the renewable energy and oil and gas industries could generate more than £ 2.5 trillion for the UK economy, according to a new report.
‘Closing the Gap: Technology for a Net Zero North Sea’, published by the Oil and Gas Technology Center (OGTC). Outlines a roadmap to deliver an integrated net zero energy system of the UK continental shelf and highlights the possible economic opportunities it offers.
Innovations in the renewable energy and fossil fuel sectors could create more than 200,000 new jobs by 2050, according to the report.
The oil and gas sector’s workforce, infrastructure and supply chains could accelerate growth in the renewables sector while supporting its own transition to zero net carbon emissions.
But this would require a large investment to accelerate the deployment of “crucial technologies”. Including the electrification of oil and gas platforms, electrolysis of salt water, advanced hydrogen technologies, floating and automated solar inspection technology. It is estimated to cost approximately £ 430 billion.
As per sources, OTGC CEO Colette Cohen said this investment is essential if the UK is to solve “big challenges” around energy storage, transmission systems and infrastructure redeployment.
“With its decades of experience in energy, the UK has a great opportunity to become a leading manufacturer, designer, installer and operator of net zero energy systems,” said Mr. Cohen.
“Building on our strength in oil and gas, we can also partner with the renewable energy sector to accelerate the delivery of the next generation of power in the UK and internationally.
“This is where governments and industry should focus investment at the pace in the years ahead.”
The report said, the UK would need to increase its installed offshore wind capacity nearly seven times to 75GW to meet the 2050 targets.
Oil and gas production is expected to fall from 1.6 million barrels of oil equivalent to 0.7 million barrels of oil equivalent during the same period.
The OGTC timeline estimated that green hydrogen would be a key and interdependent part of an integrated energy system by 2030, and electrification of the platform, blue hydrogen, and the hydrogen value chain would also play an important role by 2040.
To achieve this, £ 100 billion must be invested in renewable technologies by 2050.