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OIL AND GAS

North Sea oil and natural gas face a mandated carbon target challenge

North Sea oil and natural gas face a mandated carbon target challenge
The Siliconreview
09 March, 2020

United Kingdom's North Sea oil and gas producers face a government-mandated target in order to cut their emission of net-zero fossil fuel pollution by 2025 as the government seeks to make its nation pollution-free by the middle of the century. The UK government has set a goal of zeroing out net pollution for the entire oil and gas firms as they have to rein in the greenhouse gases they produce. The cuts may happen anytime sooner.

"We need nearer-term targets to ensure action is happening now, we would support a stretching target," said Andy Samuel, chief executive of regulator the Oil & Gas Authority. The oil and gas companies are facing fierce competition from cleaner alternatives; therefore the firms are all set to cut emissions by about 30 percent in the next five years. Major oil companies like BP Plc, CNOOC Ltd. of China and Royal Dutch Shell Plc are undertaking net-zero "deep dives" with the British authority.

The UK, which is leaving the EU has already made a system to decline carbon budgets that are mandated in law. The government is yet to r about the restrictions that will be imposed on the industry and when. But the companies have already started to think about the way they will respond and find places so that they can make big savings and also make sure that there is no harm caused to the environment.