£13 billion investments in North Sea oil reach 30 year-high

Oil and Gas UKOil & Gas UK has announced that Peter Jones, managing director UK, Taqa Bratani Ltd, Jim House, regional vice president and managing director, Apache North Sea and Trevor Garlick, regional president North Sea, BP will speak about how a collaborative agenda is impacting maximum economic recovery from the UK Continental Shelf (UKCS) at Oil & Gas UK’s next breakfast briefing in Aberdeen.

These business leaders, in addition to two additional panellists, will be providing insights into current progress on PILOT initiatives. The Oil & Gas UK event will take place on 3 December 2013 from 7am at Aberdeen Exhibition and Conference Centre.

Oil & Gas UK, as part of the government and industry forum, PILOT, is working on a number of major initiatives targeted at ways to extend the productive life of the UKCS and arrest the decline in production.

As Oil & Gas UK’s Operations Director, Oonagh Werngren, explained: “The UKCS is currently benefitting from record investment of £13.5 billion; the strongest for 30 years. Despite rising investment levels, the UKCS is undoubtedly one of the most mature offshore basins in the world and therefore faces unique challenges which are best faced by collaboration from across the industry to drive the major initiatives which will extend the production of natural resources off the coast of the UK.”

At the event, Peter Jones will share progress achieved by the rejuvenation work group, whose focus has centred on encouraging greater collaboration to ensure that the exploration and development potential around critical infrastructure in the UKCS is fully understood and optimised.

Jim House will describe the industry’s efforts to address challenges in production efficiency, identifying key areas where the industry will work together to increase current production.

Trevor Garlick will provide an update on work being done to raise average recovery levels to over 50 per cent by increasing the deployment of enhanced oil recovery (EOR) in the UKCS.

Following a short networking break, delegates will have the opportunity to discuss a range of additional PILOT work streams. Calum McGregor MBE, joint ventures manager, Taqa Bratani Ltd and Nick Fretwell, geoscience director at Total E&P UK will join the guest speakers in a panel session chaired by Oonagh Werngren.

Oonagh Werngren added: “This event, focusing on maximising economic recovery from the UKCS, is a practical example of one of the many ways we can come together for the benefit of both our separate companies and the industry as a whole.  In light of Sir Ian Wood’s review it is encouraging to see what progress is currently being made towards securing the long term future of the basin.”

Stephen Marcos Jones, Oil & Gas UK’s business development director, concluded: “This event promises to provoke fresh debate on steps needed to take to maximise economic recovery from the UKCS. As well as hearing from industry leaders, delegates will have the opportunity to learn from and network amongst their peers. We are looking forward to what will undoubtedly be another very popular event, here in Aberdeen – the oil and gas capital of Europe.”

 

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