Wood Mackenzie finds the UK could increase North Sea production by 50% and still outperform the strictest international climate pathways by 25-50MtCO2e annually through 2050.
Their research claims that the UK continental shelf production emissions outperform the Intergovernmental Panel on Climate Change’s net zero scope 1,2 & 3 emissions pathway.
The consultancy says by 2035, the UK will depend on US LNG for over 60% of its gas supply, tripling emissions intensity from 3.7-11.3gCO2e/MJ.
Every additional trillion cubic feet of domestic North Sea gas saves 15MtCO2e compared to US imports, reports Woood Mackenzie, potentially exceeding the UK government’s own platform electrification targets.
The economic case proves equally compelling. Domestic gas costs almost half that of US LNG imports, saving US$2.2bln per additional trillion cubic feet whilst cutting emissions by up to 50mln tonnes annually.
Gail Anderson, Research Director at North Sea Upstream at Wood Mackenzie, notes, ‘Smart licensing policies targeting known discoveries could extend critical infrastructure life, whilst delivering substantial emissions and cost benefits over importing alternatives.’
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