‘Oil & gas companies are at risk of being benched in the most important match we will ever play’

Aberdeen, June 18, 2024 — Today, at the OEUK event, Terry Allan delivered a powerful message during the panel session that launched the new Economic and People report. Highlighting the critical juncture at which the UK offshore energy sector stand, Mr Allan emphasised the urgency of leveraging the industry’s existing capabilities to drive the energy transition and stated: "In the UK, Oil & Gas companies are at risk of being benched in the most important match we will ever play". Drawing a compelling analogy between the energy sector and the world of football, he went on to further state: "We are playing for the prosperity of our country and the health of our planet. We also have the passion to drive change."

The statement underscored that companies in the offshore energy sector possess nearly all the necessary capabilities, with a remarkable 90% transferability of skills into carbon capture and storage (CCS), hydrogen, and floating wind energy.

However, Mr Allan pointed out that the question is what the opportunity will actually look like: "Opportunity is about timing and having a specific set of conditions that make your chances of success more favourable. If you were asked to take a blank sheet of paper and map out the set of conditions needed to maximize this opportunity, it would look a little different than what we have today," he explained. Mr Allan went on to further stress the need for more positive partnerships with the government, greater access to capital, workforce stability, and a steady operating environment for long-term decision-making.

"You can have all the abilities and passion in the world, but we, as an industry, need the opportunity to step onto the pitch and show our talents as part of the broader team needed to deliver on energy transition targets," Mr Allan said as he likened the situation to a football team needing its best players on the field to have a chance at winning. "The Euro’s kicked off last week and the best all-around team will win that, none of those teams go into the Final and bench their more experienced and impactful players because they know their chances of winning go down."

In a striking football analogy, Mr Allan compared the UK's current energy strategy to Scotland benching key players like McGinn, Robertson, McTominay, and Tierney without any plausible replacement or better options in a crucial game against Switzerland. "Converting this opportunity relies on us having all of our best players on the pitch and playing as a team. That is not happening right now when it comes to energy in this country, and that needs to change if we want businesses to plan and invest with confidence."

Terry Allan’s comments highlight the need for urgent action and strategic collaboration to ensure the UK’s offshore energy sector can fully contribute to the nation’s energy transition and broader economic goals.

Mr Allan was joined by other seasoned industry experts that included:

• Dave Whitehouse, Chief Executive Officer, Offshore Energies UK
• Debapratim De, Senior Economist, Deloitte LLP
• Ross Dornan, Market Intelligence Manager, Offshore Energies UK
• Paul de Leeuw, Director for the Energy Transition Institute, Robert Gordon University
• Sarah Bolson, OEUK Young Professional of the Year and Decommissioning Project Engineer, CNR International
• Donna Sutherland, Manager – Infrastructure & New Energy, EnQuest
• Emily Taylor, NSTD Programme Manager, Offshore Energies UK
• Chaired by Katy Heidenreich, Supply Chain & People Director, Offshore Energies UK

To find out more about the event and OEUK’s Economy and People Report, visit Offshore Energies UK confirms speakers for Economy & People Report breakfast launch and roadshows | Offshore Energies UK (OEUK)