The North Sea, an Enhanced Natural Resource.

We are in an era where innovation is harnessing wind and solar energy, yielding electricity that is more competitive in price than that derived from carbon based sources such as coal, natural gas, and other liquid fuels. We also hear of the development of unique biomass, hydrogen and marine energy technologies, as players in our future energy mix. When we look back at history we have defined timber, fish, land, petroleum and water as our common natural resources, these often being exclusively owned and controlled by individuals and national states. Now, imagine if we re-defined the term natural resource in the context of future energy, to 'Enhanced Natural Resource;' something greater than the singular resources we are used to discussing. Consider the following definition that I propose:

Enhanced Natural Resource: A source of enhanced natural wealth, generated by the collaborative packaging of multiple natural resources with strategic infrastructure.

The North Sea is exactly this - an Enhanced Natural Resource. This body of water has three unique features:

• it surrounded by 10 of the worlds most secure and developed European states, namely France, Germany, The Netherlands, Belgium, Luxembourg, Norway, Sweden, Denmark, The UK and Ireland;

• it has a relatively shallow mean depth of 90 metres, with near coastal and other features resulting in depths of less than 15 metres; and,

• it has a dense network of existing infrastructure surrounding it, in the form of ports, electrical transmission, and surface and sub-sea natural gas pipelines.

As a result of its surrounding territories, the North Sea is located in an area of low geopolitical risk, offering a safe and secure investment ground. This factor is key to North West Europe's future energy security, and complements the regions path towards sustaining mass economic prosperity through its energy transition. 

The North Sea's shallow depth offers a very efficient development ground, for the deployment of offshore wind and marine energy technology. European focus is starting to deviate from onshore development, with visions of future offshore sea hubs housing labor, equipment and supplies - for the management and operation of offshore developments. Historically, the shallow sea depth has already proven favorable for the exploration and production of hydrocarbon resources. Considering recent challenges impacting future growth of onshore development, i.e. public acceptance and setback distance regulations for example, the North Sea offers a new playground for developers (see Building Local Acceptance of Renewable Energy Development in Europe).

The North Sea's surrounding onshore electrical transmission infrastructure offers a near term reliable take away and distribution network. This provides a degree of time to build out further electrical infrastructure and power storage options, to accommodate higher levels of renewable energy supply and system balance. Due to Europe's focus on 'electrification,' natural gas also plays a crucial role in decarbonization of the future energy mix. Existing pipeline infrastructure offers a strategic opportunity for the transport of low carbon natural gas for gas-to-power, or reconfiguration to CCUS (carbon capture, utilization and storage), considering the historical existence of relatively depleted natural gas reservoirs below the North Sea.

To conclude, it is clear the North Sea will play an important role in meeting North West Europe's energy and climate objectives. However, decarbonization of the energy mix can not come at the expense of shutting down Europe's industry. If it is to maintain its economic prosperity, Europe can not afford to loose its industrial leverage, whereby it allows itself to transform into a service based, net importer of goods. Through collaboration, shared investment and alliances, the nations surrounding the North Sea are preparing to exploit one of the worlds most unique Enhanced Natural Resources. In order to develop its vast renewable energy resource potential, we will continue to see unique strategic alliances developed from corporate to national levels. It can also be predicted that significant activity in the marine construction, transportation and service sector will occur in and around the North Sea.