On March 5, 2024, the UK government initiated a consultation focused on transitioning the North Sea into a hub for clean energy technologies. Key objectives include:
Maintaining existing oil and gas fields while expanding clean technologies.
Ending the Energy Profits Levy by 2030 and consulting on a new fiscal regime.
Committing to not issue new licenses for oil and gas exploration.
Expanding offshore renewables workforce to 70,000-138,000 by 2030.
Aiming for a carbon capture industry contributing £5 billion annually to the UK economy by 2050.
The consultation also considers changes to the North Sea Transition Authority's role and seeks to provide long-term certainty to investors in the energy sector.