Operators have set out how they plan to improve operations and boost production in the UKCS (UK Continental Shelf).
The North Sea’s top 20 oil and gas producers have fulfilled the requirement to present “stewardship improvement plans” as required by the OGA (Oil and Gas Authority).
These will be used to improve efficiency by 30% to 40% following a decade of decline and a five-fold rise in exploration costs.
A number of companies including BP, Shell and GE Oil and Gas have all made submissions.
The chief executive of GE Oil & Gas, Lorenzo Simonelli, wrote a letter to the chief executive in which he said the company was “committed to continue investment” despite the current “cost-constrained environment” companies currently faced.
He wrote: “Our belief in the long term future of the UK sector is reflected in our commitment to promoting our industry in the UK to coming generations, in order to make sure that we develop the skilled workforce that our industry will require in the future.
“That is why we will continue to offer apprenticeships, internships and graduate programs even in the cost-conscious circumstances we currently find ourselves in.
“As you can see, our work is aligned with your priorities, and we look forward to working with the OGA, particularly in areas such as cost efficiency and technology development.
“To kickstart what I hope will be a fruitful ongoing relationship, I would like to invite you to a meeting where we could further explore how GE Oil & Gas can support the important work of the Oil and Gas Authority.”
Last month the OGA outlined a number of proposals which included the ability to impose fines of up to £1million for offences such as flouting licence conditions, refusing to share data and preventing the regulator from sitting in on meetings and giving dispute resolution procedures the cold shoulder.
Former head of oil major BG Group Andy Samuel became the chief executive of the regulator in January, with top civil servant Sir Patrick Brown later installed as chairman.
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