Summary
The head of the North Sea Transition Authority (NSTA) emphasized that reducing carbon emissions in the oil and gas sector could bring economic benefits. The NSTA is involved in green energy initiatives and has achieved a significant reduction in emissions, but there is still more to be done. UK Conservative leader Kemi Badenoch has proposed changes that focus on increasing oil and gas production.
Key Facts
- Stuart Payne leads the North Sea Transition Authority, which regulates the oil and gas sector.
- The NSTA has cut emissions from oil and gas production by 34%.
- The UK government plans to invest about half of £100 billion in alternative energies like carbon capture and storage and floating wind in the North Sea.
- Conservative leader Kemi Badenoch wants to change the NSTA’s focus to maximizing oil and gas production.
- Badenoch proposes lifting the ban on new oil and gas exploration licenses.
- The NSTA was formerly called the Oil and Gas Authority before being renamed in 2022.
- The UK has had an energy profits levy, a type of tax on high profits, since three years ago when prices rose sharply.
