Orient Magazine Issue 81 - April 2021 - Page 21

The North Sea Transition Deal
21
Available Now : Department for International Trade Singapore IP Webinar
The challenges of protecting Intellectual Property ( IP ) impact all businesses globally , and the maritime industry is no different . In order to learn more about what can go wrong , and how to safeguard your business , DIT Singapore has produced this IP webinar .
Click here to view the Department for International Trade - Intellectual Property Webinar Slide Deck
The North Sea Transition Deal
The North Sea Transition Deal sets out an ambitious plan for how the UK ’ s offshore oil and gas sector and the government will work together to deliver the skills , innovation and new infrastructure required to meet stretching greenhouse gas emissions reduction targets .
The Deal aims to support and anchor the expert supply chain that has built up around oil and gas in the UK , to both safeguard and create new highquality jobs . The Deal will transform the sector in preparation for a net zero future and catalyse growth throughout the UK economy .
Specifically , this Deal includes :
To read the report of the Deal in full , click on the image above or here .
• early reductions in offshore production emissions of 10 % by 2025 ; 25 % by 2027 ; and 50 % by 2030 , against a 2018 baseline , to meet the sector ’ s aim of creating a net zero basin by 2050 . This will be supported by joint work to address the commercial and regulatory barriers to electrification of offshore platforms to realise these targets
• investment of up to £ 14-16 billion by 2030 in new energy technologies , with supported by business models to enable CCUS and hydrogen at scale
• a voluntary industry target of 50 % local UK content across the lifecycle for all related new energy technology projects by 2030 , as well as in oil and gas decommissioning . This will be supported by the appointment of an industry supply chain champion who will support the coordination of opportunities with other sectors
• a 60Mt reduction in greenhouse gas emissions , including 15Mt through the progressive decarbonisation of UKCS production over the period to 2030
• support for up to 40,000 direct and indirect supply chain jobs in decarbonising UKCS production and the CCUS and hydrogen sectors
• To read the report of the Deal in full , click on the image below or here .
NEWS :
AROUND THE CHAMBER