If you’ve read anything about the oil and gas industry recently, you may have noticed that its efficiency improvements have attracted some positive press. In the face of tough business conditions, our sector is responding to the challenges of the downturn to remain competitive.
The boss at the Oil and Gas Authority (OGA) said yesterday that remarkable progress had been made to create an “investment friendly climate” in the North Sea.
There is reason for optimism in the oil and gas industry, if the sector is carefully managed – according to the upstream policy director at Oil and Gas UK.
Make no mistake, the North Sea isn’t out of the woods yet. However, Oil & Gas UK’s CEO Deirdre Michie is quietly optimistic that the tide of adversity is turning for our offshore industry.
The emerging decommissioning market on the UK Continental Shelf (UKCS) will be “exciting opportunity” which will work in tandem with exploration and production in the North Sea, according to the economics director of Oil & Gas UK.
Industry body Oil & Gas UK has written to the Chancellor of the Exchequer to call for commitments in the Autumn Statement to help boost investor confidence in North Sea exploration and production.
The boss of Oil and Gas UK (OGUK) yesterday warned some parts of the supply chain will remain "seriously challenged" in the coming months as the global decline in oil price continues.
A senior voice within the offshore industry has said the ability to access the European single market with the “least friction possible” will be vital to efficient trade post-Brexit.
Whenever I am asked about whether the current downturn has an impact on how the industry manages its risks, I recognise that behind that question there may be concerns that standards could slip amid the drop in oil prices, the drive to reduce operational costs and news about job losses.