By Clare Munro, partner, energy and infrastructure, Brodies LLP
The UKCS oil and gas industry has weathered some tough times in its past, but the last two years have been perhaps the most challenging, and the most critical in terms of shaping its future.
As the UK finds itself in the midst of a gas crisis, stark figures have shown that North Sea production could be on course to wrap up by the end of the decade.
UK offshore exploration drilling is on course to slump this year to its lowest level since companies starting scouring the North Sea for oil in the mid-1960s.
The UK continental shelf (UKCS) has a “significant role” to play in helping governments achieve their net zero targets in the coming decades, a new report said.
Oil and gas bosses have praised the industry’s “continuing efforts” after production efficiency on the UK Continental Shelf hit the Holy Grail of 80% last year.
Australian firm Oilex has entered into an exclusivity agreement with Koru Energy to buy up to a 50% of the Knox and Lowry, and Whitbeck gas discoveries in the East Irish Sea.
Investing in technology and boasting a wealth of highly competent inspectors and technicians, Bilfinger Salamis UK’s inspection department delivers quality services to clients across north-west Europe.
Industry buzz continues to grow around predictive maintenance (PdM), which is seen as a significant contributor to improving efficiency in the oil and gas sector.
A Norwegian geological and geophysical market leader has underlined its commitment to the future exploration of the North Sea by opening an office in Aberdeen to serve its existing and new clients on the UKCS.
As many prepare to head across to Houston for 50 years of OTC,
it’s worth noting that, while there will be a Golden Anniversary Gala Dinner to mark that milestone, the opening session of the conference is about the next 50 years for our industry.
Jim House, CEO of Neptune Energy, said today at Oil and Gas UK’s Business Outlook breakfast that he “didn’t expect to be back so quickly”; a sign that a North Sea oil recovery is in full swing.
The merger and acquisition (M&A) activity within the North Sea has surpassed $8billion in 2017, an indication that confidence is gradually returning to the North Sea.