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Oil and Gas UK

Oil & Gas

OGUK hails new oil and gas output figures

Improved offshore oil and gas output helped the UK boost its energy production from July to September, while electricity from wind also soared, new figures show. The UK oil and gas industry’s trade association hailed the hydrocarbon production statistics, while green groups said the renewables industry was getting stronger in Scotland. It comes a day after Chancellor George Osborne said UK oil and gas revenues are expected to nosedive 94% this year, in a blow to North Sea industry.

North Sea

North Sea decommissioning expenditure to hit £17bn over next decade

The UK oil and gas industry’s decommissioning sector is growing at a steady pace, with total expenditure expected to hit £16.9billion over the next decade, a new study shows. Oil and Gas UK (OGUK) raised the forecast from £14.6billion a year ago, citing an influx of 47 new projects into its 2015 Decommissioning Insight survey. A total of 79 platforms are now expected to be removed across the UK continental shelf by 2024, according to the poll, which was launched at the Offshore Decommissioning Conference in St Andrews.

Events

OGUK calls for positive approach at Share Fair, reveals new initiatives

The head of Oil and Gas UK (OGUK) yesterday urged companies to drop “cynicism” and embrace the new way of working after the trade body unveiled a number of new initiatives at an annual business event. OGUK’s Share Fair aims to stoke collaboration and drum up business by giving supply chain companies a rare chance to have one-to-one interviews with operators’ decision makers throughout the day, in a format not dissimilar to speed-dating. OGUK chief executive Deirdre Michie said that while the attendance was down slightly on previous years, a turnout of 900 plus was still very good and showed the industry is trying to improve the difficult situation it finds itself in.

Events

Share Fair points to change in operator attitudes as openness prevails

Visitors to Oil and Gas UK’s annual Share Fair said the event indicated that operators’ attitudes towards the supply chain are thawing amid the oil price downturn. Delegates who participated in one-to-one interviews, more than 1,000 of which were held throughout the day, said buyers were more receptive to new ideas than had previously been the case. Jan Stander, business development manager at Trac Oil and Gas, an Aberdeen-based energy service firm, said a slight dip in attendance had helped improve opportunities to break the ice with potential clients.

North Sea

Energy Minister calls for UK Government action to support oil and gas sector

Scottish Energy Minister Fergus Ewing has called on the UK Government to make further commitments to the help the North Sea oil and gas industry and take action on protecting the stability of the oil and gas fiscal regime. In a briefing at Holyrood to politicians he said there needed to be an urgent consultation on inventives to boost further exploration in the North Sea. Ewing also urged the UK government to make a commitment there would be no tax increases for the industry and any significant policy proposals should be in consultation with both industry and the Oil and Gas Authority (OGA).