As we look forward to the middle of this century, it is clear that how the energy sector operates will undergo considerable change. The challenges of climate change, a circular sustainable economy and environmental impacts on economic activity will require new approaches in terms of how we think about mobility and transportation, industrial operations and manufacturing, as well as heating and waste management.
Companies within the UK downstream oil sector, making use of their international links and expertise, can individually develop new ideas, strategies and technologies needed to successfully navigate the years ahead. As in all sectors, downstream oil will need to consider how it can contribute to decarbonisation goals, whilst providing security, reliability and affordable products to wider society.
To do this we need a clear vision for the future of our industry.
The UKPIA Future Vision seeks to provide just that. Whilst not looking to predict or prescribe how the future sector will look, UKPIA has set out to paint a vivid picture of the range of possibilities on offer for the refining and fuel marketing industries. As we do so, we also outline the opportunities available through innovation to achieve a circular economy thanks to developments in feedstocks, operations, fuels and products.
UKPIA's vision for the long-term future of the downstream oil sector is a positive one.
It is a future where low-carbon liquid fuels and products can make as much of a contribution to decarbonising the transport we use as can Electric Vehicles (EVs). Where refinery manufacturing processes can operate with maximum efficiency, potentially utilising carbon-reducing technologies such as carbon capture, or working with other sectors in industrial clusters to decarbonise together. Where individual downstream oil companies can utilise their expertise and infrastructure to deliver low-carbon fuels and products directly to the consumer, potentially in an entirely reimagined forecourt experience.