A landmark International Energy Agency (IEA) roadmap says no new oil and gas fields should be developed – beyond those already sanctioned — if the global energy sector is to achieve net-zero emissions by mid-century.
It means further fossil fuel exploration is no longer required, the IEA said.
The UK Government recently opted against ending exploration licensing rounds, but is introducing a checkpoint system, subjecting future auctions to far greater scrutiny.
OGUK sustainability director Mike Tholen said stopping investment in the oil and gas industry would be a “major drawback” for the energy transition.
Mr Tholen said that, in the case of the UK, it would increase reliance on imports and damage companies whose expertise is needed for the development of low-carbon technology.
In the IEA’s “net-zero emissions by 2050 scenario”, fossil fuels make up slightly more than one-fifth of total energy supply, down from almost four-fifths today.
Supplies would become increasingly concentrated with a small number of low-cost producers.
OPEC’s share of a much-reduced…
