Sir Ian spells out energy dilemma facing the UK in the push towards net-zero carbon emissions

Sir Ian spells out energy dilemma facing the UK in the push towards net-zero carbon emissions

Sir Ian Wood has said he is confident the UK Government will not cave into pressure over continued oil and gas production in the North Sea.

The need to pursue maximum economic recovery (MER) from the basin during the transition to net-zero is well understood at Westminster, the energy industry veteran added.

The government may not wish to publicly acknowledge MER has to be part of its energy strategy for decades to come, but privately it is likely a different story, Sir Ian, 78, said.

Highlighting a future shortfall in energy supply without MER, he added: “There is a lot of ground to be made up in oil and gas, and I think the government is aware of that.”

Best guess is we would still require 500,000 barrels a day of oil and gas to meet the country's energy requirements.”

Sir Ian Wood

The oil and gas industry doyen, energy transition champion and Opportunity North East chairman (ONE) was one of four speakers taking part in The Press and Journal Business Breakfast, in association with Royal Bank of Scotland, and supported by Burness Paull and Aker Solutions.

Joining him in a strong line-up at the event – focused on green recovery and the energy transition – were