Statoil’s UK North Sea chief said the basin was locked in a “fight” with other oil producing regions for new investment.
Hedda Felin, managing director Statoil Production UK, said the North Sea faced “strong” opposition from a number of countries where Statoil does business.
Speaking at the launch of Oil and Gas UK’s economic report at Offshore Europe, Ms Felin said the UK North Sea was attractive due to its “proven hydrocarbon system”, excellent supply chain and stable fiscal regime.
Ms Felin also said the UK was less volatile than other countries.
“But the fight for capital remains, nevertheless,” she said. “When I go and represent the UK to my management team … I compete against very strong oil and gas producing nations. Sometimes Russia, Brazil, Azerbaijan, Canada and Tanzania.
“So here again the collaboration effort is required for all of us to raise and lift the UKCS’s profile continuously to where it belongs.”
Adam Davey, market intelligence manager at Oil and Gas UK, said the pace and scale of improvements in the UK was getting better.
But Mr Davey acknowledged that the North Sea was competing against other basins for international capital.