Oil and Gas products strengthen modern
culture with an unwavering supply of energy to power industries, large or
small, to heat homes, and provide fuel for transport to deliver goods, people,
and for raw material used for production around the world. Featuring multiple
benefits, the sector has an extensive supply chain network to ensure compliance
with consumer needs. To accomplish this, it provides work for hundreds of
thousands of people and makes a significant contribution to the financial
system of United Kingdom in terms of tax revenues, cutting-edge technologies,
and exports.
Due to price instability, evolving market
regulations and standards, maturity, and increasing awareness worldwide, the
energy sector has been continuously shifting since 1960s when production was
started. Government with other stakeholders in the industry is responsible for
optimising the use of existing oil and gas reserves and ensuring that the
nation gets the maximum benefits. It must bring equilibrium to the substantial
economic and social advantages of energy with superior and safer stewardship of
the natural resources and environmental care.
In this quest, the modern energy industry
is steadfast to a wide range of standard measures and targets against which
transparent monitoring is achieved, in collaboration with the complete supply
chain influencers, including regulators, government bodies, non-governmental
organisations, suppliers, and distributors, etc. It is important for the
industry to keep its carbon emission to the minimum in order to achieve
sustainable development in the years to come.
In due course, the sector will recognise
the need to shift towards a minimum carbon economy to fulfil the increasing
energy needs of the nation. Though, transition to a low-profile-carbon economy
is not a snap and needs to be managed efficiently over not just years, but
decades. The stakeholders in the market are providing the groundwork for the
expedition and the endpoint in terms of energy, the environment, and the
economy.
ENERGY
In the case that the UK government achieves
its target to produce 15% of energy from renewable sources, the nation will
continue to rely on oil or gas as the major source of energy for up to 70% of
needs. Unused reservoirs will be
imported to generate extra revenue for the govt. In UK, 40% of reserves are still to be
extracted and provided suitable business condition to attract investors and
continue to get significant percentage our needs in future.
ECONOMY
Since demand of energy will continue to
rise in future and new generation will need it more, for the period of
transition to the alternative source of energy, this can help boost the economy
with increased production. In future,
with the decline in production, knowledge and expertise that has urbanised in
cooperation with production over the last four decades will manifest itself in
numerous manners.
ENVIRONMENT
Despite the fact that
the oil and gas reservoir is a major contributor to the economy and important
to fulfil our future needs, it also has an essential part in the UK’s
transition towards a lower-carbon economy, equally in the production phase and
emission reduction stages of the cycle.
Looking to pursue a career in oil and gas
industry? Visit Hazell Engineering at http://www.hazelleng.com
or contact our expert recruitment consultants at +44 (0) 1224 630123.
