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North Sea prospects improve on £5 billion development pipeline

A section of the BP ETAP field development in the North Sea
A section of the BP ETAP field development in the North Sea

Up to £5 billion of new oil and gas investment could be unlocked in the North Sea in the next 12 months.

A major report from Oil & Gas UK suggests between 12 and 16 new field developments could get the green light this year, sparking a greater level of investment than seen over the past three years combined.

If sanctioned, the new plays could yield up to 450 million barrels of oil equivalent during their lifetime.

The survey also found the UK sector continues to support more than 300,000 jobs, with the majority of firms surveyed saying they expect to increase headcounts in the coming year.

“Our sector is leaner, more efficient and more optimistic than it has been in recent years and 2018 looks set to be a better year,” said Deirdre Michie, chief executive of Oil & Gas UK.

“What we have learned in our response to the downturn has made us better equipped to tackle the ongoing challenge of maximising production for the longer term and boosting profitability in the supply chain but without increasing overall project costs or damaging competitiveness.

“Our remarkable resilience owes a great deal to the ingenuity and innovation of our people.

“More projects are taking place and investment is happening because of the sweeping changes made to adapt to the challenging business climate.

“This has helped make the UK Continental Shelf one of the most attractive mature basins in the world in which to do business and we will continue to work hard to maintain our competitive advantage.”

business@thecourier.co.uk