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Opinion

A transformative journey: oil & gas, CCUS and hydrogen in Europe

What are the challenges and opportunities for these sectors and how can they work together?

1 minute read

Neivan Boroujerdi

Director, Corporate Research

Neivan leads Wood Mackenzie's global corporate NOC coverage.

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Gail Anderson

Research Director, North Sea Upstream

Gail focuses on the Nigerian upstream industry and its gas and power sector.

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Murray Douglas

Vice President, Hydrogen and Ammonia Research

Murray is responsible for Wood Mackenzie’s Global coverage across the hydrogen value chain.

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Mhairidh Evans

Head of CCUS Research

Mhairidh leads our global research on carbon capture, utilisation and storage (CCUS).

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As well as huge offshore wind potential, the North Sea offers the opportunity to leverage existing gas infrastructure to establish hydrogen and CCUS industries, making the North Sea an important test bed for new technologies.

At the same time, linking domestically produced hydrogen with long duration energy storage could create a clean slate for European countries to design their energy security, removing dependency on imports. 

The UK is traditionally seen as a safe place to do business, which counts in its favour for attracting these projects that will be so key to the energy transition. However, to ensure investment into low-carbon solutions like clean hydrogen and CCUS continues, a stable and reliable fiscal regime in relation to energy will be paramount.