A proposed £1 trillion sector deal for the offshore oil and gas industry would involve the creation of three new centres of excellence.
The centres would cover transformational technology, underwater engineering and decommissioning, according to the Oil and Gas Authority.
The sector deal would help deliver Vision 2035, an outline of the industry’s hopes for the future and the sector’s role in the government’s industrial strategy.
The overall prize is £920 billion in revenues across the entire sector over the next 17 years.
The underwater engineering centre could yield a £75 billion return on investment, transformational technology could bring in £22.8 billion, while the decommissioning base would be worth £12 billion.
The industry partnership, or Task Finish Group, is presenting the proposal to UK Energy Minister Claire Perry, and will move forward based on her direction and feedback.
In February, Subsea UK chief executive Neil Gordon said securing a deal would “galvanise” the industry, which he said has been hit hard by low crude prices and high costs in recent years.
Mr Gordon said Subsea UK, a membership organisation, was involved in coming up with the pitch, alongside Oil and Gas UK (OGUK), former BP North Sea chief Trevor Garlick and industry veteran Melfort Campbell, among others.
Scottish Conservative Party leader Ruth Davidson, who has lobbied hard for the deal, said in March: “Now we’ve already seen [a deal] in some other sectors, the car manufacturing sector down south, artificial intelligence, the construction industry – well actually we think oil and gas needs that too.
“That comes with money, it comes with the power of convening, to be able to get lots of people around the table (to discuss) where next for the industry, and it comes with significant push to be able to maximise what we’ve got in the North Sea.”
Scottish Secretary David Mundell also revealed to the Press and Journal in April that the UK Government was “open” to a deal and recognised the importance of the offshore oil and gas industry.
He said: “We’re open to such a deal and it has to be said the oil and gas industry is one of the most effective at making its views known to government.
“I think there’s every possibility that there can be an oil and gas sector deal and that dialogue continues.”