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The energy transition The energy transition is happening now; the energy mix is becoming much more diverse with renewable energy playing an increasingly important part in powering our everyday lives. Even so, oil and gas will still have an important role in meeting our future energy and industrial needs.

The UK will rely on oil and gas as a necessary source of energy in 2035 and beyond 1998 Primary Energy Sources 2018 Primary Energy Sources 2035 Primary Energy Sources

It is important that as much of the UK’s oil and gas demand as possible is met by domestic supply Locally produced oil and gas will provide us with an affordable, reliable, and secure source of energy.

Why do we need a vision? This industry makes an incredibly important contribution to the UK and its economy. Having a shared industry vision provides a focus for continued success. 1 £350 billion has been paid in production taxes alone, since production started 2 283,000 jobs are currently supported by this industry 3 Our highly skilled workforce will be able to transfer their expertise to other key industries 4 75% of the UK’s primary energy comes from oil and gas today, and will provide 66% in 2035 5 We can act as an incubator for developing new, low-carbon energy technologies

In 2035 the UK’s offshore oil and gas industry is… Home to a global oil and gas industry, recognised as part of a low carbon energy mix, anchored in the UK, powering the nation and exporting to the world, fuelled by the talents of our people.

What is Vision 2035? Vision 2035 aims to: Add a generation of productive life to UK Continental Shelf, safely producing more than 1 million barrels of oil and gas a day in 2035 through MER Add billions of pounds of revenue to the supply chain, increasing its share of international business, diversifying into new markets and in doing so harnessing the full power of its people

The big picture - what is needed? + = Maximising Economic Recovery + = Supply Chain Growth Achieving our Vision

A £200 billion opportunity This could require up to £200 billion of investment between now and 2035; a huge opportunity for our supply chain. A £200 billion opportunity £20-25 bn DECOM-EX £55-80 bn CAPEX £100-110 bn OPEX

What gets measured, gets managed What does success look like?

Adding a generation of productive life to the basin Successful delivery of Vision 2035 will see production safely managed, with the UKCS producing over 1 million boepd in 2035 Production Forecasts

Increasing long-term opportunities for the supply chain Successful delivery will also see our supply chain growing by exporting its products and expertise globally, diversifying into other industries, and continuing to do business on the UKCS Revenue from Exports

So how do we get there? Maximising economic recovery Exporting our expertise Pioneering technology Sector deal World renowned skills and expertise Domestic supply chain growth Diversification in the supply chain So how do we get there? Achieving Vision 2035 will require concerted progress to be made across key areas…

But it needs you to make it happen Government Operating companies Supply chain companies People But it needs you to make it happen Academia Industry organisations Regulators

Industry champions are leading the charge Maximising Economic Recovery Andy Samuel OGA Technology Colette Cohen OGTC Supply Chain Matt Abraham Oil & Gas UK Diversification Andy McDonald Scottish Enterprise Skills John McDonald OPITO Exports Stuart Payne OGA Sector Deal Trevor Garlick Culture Steve Phimister Shell U.K. Ltd.

What’s in it for me? Diverse, exciting and innovative jobs for years to come Security of energy supply Playing a leading role in the transition to a lower carbon economy New business opportunities in other sectors and abroad