United Kingdom

United Kingdom

Renewables identified as key area for oil and gas diversification

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Renewables have been identified as a key area for diversification for the UK oil and gas industry. Projected growth in global demand, legislative and consumer drivers and UK supplier weakness all make renewables attractive for oil and gas suppliers, says a Department of Trade and Industry (DTI) study for PILOT -- the task force for the oil and gas sector. Onshore wind, offshore wind and tidal stream turbines were identified in the study as having the closest fit with the capabilities of oil and gas suppliers. PILOT has a target of £1 billion per annum from new business by 2010. "Diversification and exports will help to broaden the base of the industry and maintain jobs," says energy minister Peter Hain. Some companies have already made the leap into renewables, he points out, citing AMEC, one of the first oil and gas contractors to diversify into wind energy. AMEC Borderwind built the UK's first offshore wind project at Blyth, Northumberland.

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