Oil and Gas UK, the Aberdeen-based trade association for the North Sea energy industry, has launched a new video to celebrate 50 years of offshore gas and oil production.
It provides a potted history of oil and gas development in the UK, highlights the sector’s significant contribution to British jobs, skills, technology and energy security and underlines the industry’s potential to remain a driving force in Britain’s economy for decades to come.
OGUK estimates that there are 23 billion barrels of oil/ gas still to be mined in the North Sea – half of the 45 billion barrels produced to date since the first oil was pumped ashore by BP in 1975.
This means that – with approximate annual production of one billion barrels a year – there is another 25 years’ of working life left in the N. Sea basin.
The association also emphasises how it now aims to work even more cost-effectively and in closer collaboration of this vital sector following the Wood Review.
Watch the video here
Meanwhile, a new study by accountancy giant PwC has shown that contributions from individual companies, industry collaboration, and regulations to achieve maximum performance in oil and gas.
The report states that company-specific improvements reinforced by industry collaboration and an effective regulatory environment are all needed to achieve the maximum step change in sector performance.
David Rennie, international sector head for oil and gas, Scottish Enterprise, commented: “The PwC report is further evidence of the urgent need to change behaviours in the sector to develop strong leadership and common principles which will underpin a new effective cost culture.
“This is a key priority for the Energy Jobs Taskforce and working together with partners across the public and private sectors we are focussed on driving forward that ambition to lay solid foundations for a changing industry.”
The Oil and Gas Industry Council, working alongside the Scottish Industry Leadership Group, has used its wider industry networks to create an opportunity for a study to compare relevant practice across other industries that have also faced difficult times.
The PwC study involved speaking to senior figures in a range of complementary businesses and identified seven fundamentals which drive performance in cost and operations excellence that can be applied in the O&G sector. Oil & Gas UK (as a member of the Industry Council) has ensured coherence with its own studies on improving efficiency.