The trade group that represents UK oil and gas companies is dropping the words “oil and gas” from its name to reflect the ongoing rise of green energy.
Oil and Gas UK will be renamed Offshore Energies UK from February 14, the body said on Monday.
It follows a year-long strategic review by the group, which said the change reflects “the evolving nature of the industry”.
OGUK said its members, which include BP, British Gas owner Centrica, Shell and Chevron approved the name change in December.
Deirdre Michie, the group’s chief executive, said: “Our members are investing in cleaner energies, boosting the technologies needed to support jobs, communities and the UK’s energy security – and to drive the transition to low-carbon energy. Following an extensive strategic review, we recognised that we too need to evolve to reflect what is happening in our sector.”
Major oil and gas companies have ramped up investment in renewable energy in recent years, with industry executives arguing they are best-placed to lead the transition because of their financial resources and skills.
BP, for example, describes itself as a “greening company”, or one that is “not lower carbon today” but has “credible plans to transform and become greener”.
OGUK said it would “continue to champion the oil and gas sector but also support those with an interest in carbon capture and storage, hydrogen production and offshore wind”.
It pointed to green projects that members are involved in, such as carbon capture and storage, wind farms on Dogger Bank, the West Anglesey tidal power project and floating wind farms off the coast of Scotland.
The group signed the North Sea Transition Deal with the Government last year, which attempts to strike a balance between preserving jobs and energy security while harnessing the skills and cash of oil and gas firms to boost investment in greener energy sources.
The deal means £16bn will be invested by 2030, including £3bn to switch oil and gas rigs to run on renewable energy, £3bn on developing technology to capture carbon emissions and stash them underground and up to £10bn for hydrogen production.
