Energy companies are poised to step up investment in the UK North Sea, a survey by banking giant Barclays has found.
Barclays canvassed oil and gas operators and service providers and the findings were revealed at Offshore Europe.
The survey showed most firms expected to increase their capital expenditure (capex) budgets over the next two years.
More than 60% predicted an increase over the next five years.
Barclays said its study showed companies were bullish about the future, while plans to swell their capex in the area were supported by predictions of continued high commodity prices.
Nearly 70% of survey respondents predicted an increase in the price of a barrel of oil over the next five years, some to a level higher than $120.
Walter Cumming, head of oil and gas for Barclays Corporate Banking, said: “The UKCS (UK continental shelf) remains rich in opportunities and ripe for investment.
“Spending is targeted not only at maximising the output from the region’s mature fields but also at unlocking new discoveries for decades to come.”
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