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The panel discussed the importance of partnerships between governments and the energy sector to address the new challenges in the energy industry, and cooperation across countries to attract technology, diversity, improve productivity, and achieve energy sustainability. They recognized the necessity and value of sharing the pain as well as the gain with risk-reward commercial models, especially to unlock stranded assets.
They identified the requirement for integrated solutions across up-, mid- and downstream to create a common thread.

Major concerns and considerations for the future of the industry voiced by the panel included:
• Volatility of oil prices and its effect on investment in the sector puts the recovery at risk.
• Industry has to embrace the need to transition to a lower-carbon approach; or be run over. Can become a part of the solution.
• Commercial models for risk-reward to unlock future investments/projects
• Balance between localization and globalization. Have to embrace partnerships and discussions to arrive at a solution to these competing pressures.

We continue to support the oil & gas sector as a key component of our energy system and our economy. The North Sea holds significant potential with up to 20 billion barrels of oil equivalent remaining, which could sustain production for the next 20 years, thereby helping to enhance the domestic security of supply during the transition of our energy system. The sector in the UKCS is highly-regulated, resulting in some of the most advanced and comparatively least polluting production methods in the world.

By Paul Wheelhouse, Member of Scottish Parliament, Minister for Energy, Connectivity and the Islands, Scottish Government

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