Drivers for the offshore industry
The drivers considered most relevant for the offshore industry are:
Society’s need for energy:
Society and the economy are dependent on reliable energy supplies. With increasing human population and existing / emerging technologies which are more reliant on energy, demand for energy continues to increase. While policies are shifting towards low carbon economies, during the transition there is an ongoing need for oil and gas to be part of the energy mix in order for OSPAR Contracting Parties to meet society’s demands for energy. There is also an ongoing need to continue to assess and apply measures to reduce the pressures on the marine environment emanating from the offshore oil and gas sector.
Society’s need for stable economies:
Revenue from oil and gas exploration, production, processing and associated products is an important (and significant) component of OSPAR Contracting Parties' economies.
Society’s need to mitigate the effects of Climate Change:
Fossil fuel extraction and consumption are forecast to reduce with time in order to meet the international commitments to reduce and mitigate the effects of climate change. In addition, the reduction of CO2 emissions through the use of carbon capture and storage (CCS), as well as the transition to electrification, are expected to reduce the pressures associated with oil and gas, although CCS will introduce its own pressures into the marine environment.
The following drivers may also be relevant:
Society’s need for industrial processes:
Many industrial processes and the products they supply use materials from the oil and gas sector.
Society’s need for trade and movement of goods:
Domestic and international trade is reliant on fuels to power the vehicles needed to import and export goods and services critical to the economies of most OSPAR Contracting Parties.
Society’s need for materials:
A wide range of products derive from petrochemicals. The extraction, transportation and processing of many materials are reliant on fuels derived from the oil and gas sector.