UK oil and gas service companies should position themselves to secure a meaningful share of any money spent globally on unconventional production, an industry expert said yesterday.
John Donachie, a vice-president at energy-investment specialist Simmons and Company International, said a “land-grab” by the majors in Europe could transform levels of operational activity over the coming years.
He said there was now a need for significant and focused investment to fully realise opportunities available.
According to Mr Donachie, the UK oil and gas sector is well placed to participate in unconventional developments in Europe and also regions such as Australia, South America, India and China.
He said: “The time is right for companies with expertise in relevant areas . . . to be positioning themselves to capitalise on the opportunities as we see a shift from talk to action in the unconventional sector.”
Mr Donachie, a technology advisor to the energy sector, will be a panel speaker on financing at Aberdeen’s first Unconventional Gas Conference on March 1 and 2.
The event at Aberdeen Exhibition and Conference Centre, organised by the city council with support from the ITF and the Granite City section of the Society of Petroleum Engineers, is being chaired by Simon Seaton, vice-president of Halliburton UK. Former BP chief executive Lord Browne, now managing director of Riverstone Holdings will deliver the closing speech.