The North Sea energy transition: aiming to thrive

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06 March 2020

The North Sea energy transition: aiming to thrive

Report summary

The recent oil price collapse and subsequent near-term uncertainty, will once again, test companies' resolve. Sustained low oil prices would slash upstream cash flows, leading to delays and severe cost cutting. All of this against the backdrop long-term uncertainty and huge challenges relating to energy transition. But, prior to the prices slump at least, North Sea governments and industry are grasping the opportunity to evolve and adapt. The North Sea has become a leader on the energy transition in the upstream space, pioneering many of the latest technologies.

Table of contents

  • Executive summary
  • The status quo is untenable: governments have set the course
  • Companies are embracing the change
  • Future-proof companies need credible decarbonisation plans
  • Hydrocarbons still to contribute to North Sea economies
  • Governments can help ease the transition
    • Electrification is the frontrunner – is widespread implementation an option?
    • Carbon capture use and storage (CCUS) – a universal solution?
    • Hydrogen production – an opportunity to extend asset life?
  • Is energy transition an opportunity or the beginning of the end of the North Sea?

Tables and charts

This report includes 5 images and tables including:

  • North Sea governments’ climate change policies
  • Majors' North Sea NPV
  • Government upstream cash flow
  • UK tax split fiscal year 2018/19
  • Norway’s production from sanctioned electrification projects

What's included

This report contains:

  • Document

    The North Sea energy transition: aiming to thrive

    PDF 806.96 KB

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