Leading UK oil firms are to meet in Norway today in a bid to improve trade and prevent more North Sea projects being lost to Far East countries.
UK energy minister Michael Fallon is to chair the Oslo event today, in a bid to look at how firms can collaborate on retaining lucrative contracts on the UK and Norwegian continental shelves.
British and Norwegian manufacturing representatives will also take part in the meeting, ahead of the Oslo Energy Forum.
“Britain has a long history of expertise in oil and gas services,” said Mr Fallon.
“When new opportunities for exploration and development are emerging, it is crucial that we work together with Norway to ensure that we secure contracts in the North Sea, to support hundreds of jobs and boost growth here, rather than in the Far East.”
East Asian companies have already taken major stakes in North Sea projects, with Dana Petroleum owned by Korea’s National Oil Company and Chinese outfits Sinopec and CNOOC having bought into operators here.
Last year supply chian body the EIC highted the growing number of South Korean companies bidding for EPC contracts in UK waters, with Hyundai having landed the £1billion deal to build the Schiehallion FPSO.
Recommended for you
