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Press Release20th Dec 2021

Climate compatibility checkpoint consultation key to maintaining investor confidence

OGUK, the leading body for the UK offshore oil and gas industry, welcomed today’s announcement by the UK Government of a consultation to seek views on the design of a new climate compatibility checkpoint for new oil and gas licensing.

OGUK described it as an important consultation that was relevant to many other sectors of the economy and energy consumers. It said the checkpoint will provide a welcome transparency and that it should be robust to be able to stand up to challenge.

The industry body also pointed out that it is important this climate checkpoint helps ensure that future licensing rounds are compatible with the UK’s climate change goals and ensure investor confidence in the UK Continental Shelf is maintained.

Katy Heidendreich, OGUK Supply Chain & Operations Director said:

“Our sector strongly supports the UK Government’s ambition to demonstrate international leadership in delivering a just transition to net zero emissions by 2050.

“The UK’s domestic oil and gas industry has a critical role in maintaining the country’s energy security, being a major contributor to our economy and the sector’s skills, experience and investment will be key to delivering a successful energy transition at pace.

“Our industry welcomes the transparency that a checkpoint for future BEIS licensing decisions provides. It is vital that this checkpoint is robust and ensures that future licensing rounds are compatible with the UK’s climate change ambitions, while maintaining investor confidence in the UK Continental Shelf.”

OGUK will be giving a full submission to the consultation exercise, which closes at 11:45pm on 28 February 2022.

ENDS