UK CCS Could Be Worth $120B+ to Local Employers  | Rigzone

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UK carbon capture and storage (CCS) could be worth $121.6 billion (GBP 100 billion) to local manufacturing employers, according to a new report by industry body Offshore Energies UK (OEUK).

The report, which was commissioned by the Department for Business, Energy and Industrial Strategy and produced by OEUK through the North Sea Transition Deal, found that supply chain companies in the UK offshore oil and gas sector are in “prime position” to win work in CCS if “urgent action” is taken by governments and industry, OEUK highlighted. The industry body’s report identified 13 actions for the parties, including the need for support from government through early-stage funding and additional licensing rounds.

According to OEUK, securing this work in the UK will particularly benefit communities in Aberdeen, Inverness, Liverpool, North Wales, East Anglia, Lincolnshire, Yorkshire and Teesside, where the industry body said the existing offshore energy industry is “well-placed” to expand into new sectors, including CCS.

“Carbon capture and storage is going to be a key tool in our fight against climate change,” OEUK Supply Chain and Operations Director Katy Heidenreich said in an organization statement.

“It offers a huge opportunity for the UK offshore energy supply chain to help energy intensive industries cut emissions. If we get this right, it could unlock GBP 100 billion ($121.6 billion) of work for UK manufacturing employers by 2050. This will support UK jobs, cut emissions, boost the economy and develop skills which can be exported globally,” Heidenreich added in the statement.

“Lots of progress has been made, but without urgent action the UK will miss out on the opportunity to secure a leadership position in this exciting new sector,” the OEUK director continued.

Heidenreich highlighted in the foreword of the report that the UK is well placed to become a “world leader” in CCS, adding that the UK government and industry made CCS a key element of the North Sea Transition Deal. In the foreword, Heidenreich also outlined that the offshore energy industry was one of the first industrial sectors to come out in support of the UK government’s 2050 net zero target and noted that the sector considers CCS “a matter of national interest to our economy and our environment”.

Earlier this month, OEUK, citing research by Robert Gordon University which was commissioned by the industry body, announced that a trio of “exciting” new low-carbon technologies were set to generate 26,000 new UK energy jobs by 2030. These comprised the mass production of hydrogen, carbon transport and storage, and the electrification of offshore platforms.

Back in February this year, Oil & Gas UK announced that it was extending its scope to champion offshore carbon capture, hydrogen and wind, in addition to oil and gas. As part of the extension, the industry body changed its name to OEUK.

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