UK Treasure Map of North Sea for carbon storage
Treasure map of the North Sea boosts economic growth and launch the UK’s carbon capture and storage sector. Companies with North Sea drilling permits must now submit their results to the regulatory body under new powers included by an Energy Bill amendment.
To assist the UK in becoming the world leader in carbon capture and storage, a treasure map of what lurks beneath the North Sea will be made. Companies already at the vanguard of this technology and authorised to drill in the North Sea will have to disclose what they find to the regulator, which will construct the most detailed picture yet of geological area’s make up.
The enormous potential of the UK may then be realised by measuring for investors the amount of potential carbon capture and storage. This might draw more businesses to the UK, generating up to 50,000 green employment by 2030, boosting the economy and advancing the PM’s aims.
The North Sea Transition Authority will receive these new powers as part of an amendment to the Energy Bill, which today received its second reading in the House of Commons.
On July 6, 2022, the Energy Bill was introduced in the British Parliament. Long term, it will provide the UK with an energy system that is cleaner, more cheap and more secure, while also releasing private investment in clean technology.
Grant Shapps, the secretary of state of energy security and net zero said:
The UK is a great position to take the lead globally in carbon capture and storage, a brand new industry that could improve our energy security, aid in reducing our own emissions as well as those of our European neighbours, and generate thousands of long term employment.
Building the treasure map required to unleash the full potential of this geological goldmine will help us expand our economy by collaborating with the brightest and finest who are already operating in the North Sea.
Andrew Bowie, the minister for the energy bill, nuclear energy, and networks, said:
Due to our historic Energy Security Bill families and companies through the UK will now have access to a cleaner, cheaper, and more secure energy system as a result of Russia’s unlawful conflict in Ukraine.
The bill, which has security at its core, is the most important pieces of energy legislation to be passed in ten years and puts the UK on the path to cleaner power by stepping up carbon storage and our next generation technology.
Chief Executive of the North Sea Transition Authority, Stuart Payne, stated:
To achieve net zero, carbon storage is crucial, and the sector needs a plethora of trustworthy data to choose locations for millions of tonnes of greenhouse gas storage.
The NSTA is pleased to have these new authorities to gather this crucial data and make it available to the sector as it guides the smooth transition and creates thousands of skilled employment.
Treasure map to reduce UK emissions
Carbon capture and storage is the process of removing carbon dioxide from industrial sources and safely storing it in voids left behind by oil and gas extraction under the seabed. Due to its unique geological composition, the UK is in a position to take advantage of this and develop a whole new sector.
According to estimates, there may be enough room beneath the waters of the UK, including its former oil and gas fields, to store up to 78 billion tonnes of carbon dioxide or around 15 billion elephant’s worth.
By 2030, the UK hopes to store 20 to 30 million tonnes of carbon dioxide annually, which is the equivalent of taking up to 6 million cars off UK roads.
This potential is seen to be so great that in addition to aiding the UK in reducing its own emissions, this nation may aid other countries utilising carbon capture and storage, particularly other European countries, by storing their carbon emissions as well.
According to proposals presented to Parliament today(May 9th 2023), the government intends to give the North Sea Transition Authority, which serves as a regulator of carbon storage, the authority to request data and sample from individuals who already have a permit to store carbon.
These will provide the necessary details regarding the mapped geological characteristics of the North Sea’s undiscovered subterranean regions. This will validate the anticipated size of the sector that may result from this, helping to stimulate private investment.
It will also contribute to the development of an encyclopaedic understanding of what lurks beneath the waves. John Lamont, the Scotland Minister for the UK government said:
Our goal of reaching net zero requires a critical expansion of carbon capture and storage. The new policies announced today will advance that industry and sustain up to 50,000 employment for the benefit of Scotland and the UK as a whole.
This would not only hasten the switch to greener, cleaner energy and improve our energy security, but it will also provide a much-needed economic boost to support our top priority of cutting inflation and debt.
Carbon treasure map to change Energy Bill
On May 9th, 2023 the administration today revealed more upcoming changes to the Energy Bill:
- supporting energy-intensive industries(Ells) by implementing a compensation plan that would reduce the fees that Ells must pay to utilise the power grid, such as those in the steel industry. This will assist in delivering on the PM’s goal to build the economy by bringing important UK firms into line with international rivals and making the UK one of the most desirable locations to conduct business.
- Defining the legal mandate the government wants for the new nuclear body Great British Nuclear to fulfil in support of the pledge to release the next generation of nuclear energy so that it can account for up to 25% of the UK’s energy supply by 2050.
- Programmes to create fresh business plans to promote funding for hydrogen storage and transportation. The improvement of the UK’s future energy security will depend on this.
Nusrat Ghani, the minister of commerce said: steel and other energy-intensive sectors play a major role in our economy. This action will reduce costs and make it possible to bring in high-quality investment and employment to the UK.
The Prime Minister’s objective to make the UK the most desirable location to conduct business and strengthen our economy will be furthered by this support, which will ensure that these important industries remain competitive with their international counterparts.
The Energy Bill, which was initially introduced to Parliament in July 2022, aim to create a more secure, cost-effective, and environmentally friendly energy system by:
- Using private funding for clean technology
- Making the UK’s energy sector future-proof via reform
- Assuring the UK’s energy system’s safety, security, and resilience
Companies licensed to drill in North Sea report findings to regulator in new powers brought forward in Energy Bill amendment. A treasure map of what lies beneath the North Sea will be created to help the UK become a world leader in carbon capture and storage.
Source: Offshore Energy, GOV.UK energy efficiency
