The UK North Sea oil and gas industry is within reach of hitting early targets to reduce its operational greenhouse gas emissions, but achieving longer-term cuts still requires “urgent and drastic action”, according to a new report by the sector's regulator.

The Oil & Gas Authority (OGA) late last week published its inaugural Emissions Monitoring Report.

The regulator said the study will play a key role in monitoring industry's efforts towards helping help the UK become a carbon neutral economy by 2050 and it promised to hold the sector to account.