A new blue-print outlining four key priorities the next British government should focus on to help secure the future of the North Sea oil and gas sector has been drawn up by the industry.
The blue-print brings together two scenarios over the next 20 years: one for North Sea exploration and production, the other for the supply chain.
It outlines the potential benefits to the UK that would come from fully capitalising on the opportunities presented by maximising activity in both areas – doubling supply chain turnover over the next two decades and ensuring the ageing basin is still a significant producer in 2035
Deirdre Michie, chief executive of Oil & Gas UK, said delivery of these priorities could help generate an additional revenue of over £290 billion to the UK economy over the next 20 years.
She added: “Against the backdrop of a busy political environment and a difficult operating climate for the industry, we urge the next UK Government to support our sector through our four key asks.
“Our blueprint details the steps we believe our political leaders should take to help sustain our industry, which continues to help secure the UK’s energy needs and supports hundreds of thousands of jobs.
“We are now operating in a totally different climate and have made big changes to how we do business. Industry has significantly upped its efficiency, improved its cost base by 50% and increased its competitiveness. While we are still managing our way through tough times we must also look ahead.
“Our plan sets out a compelling future for a £290 billion opportunity which could be unlocked for our sector if we continue to build on the good progress already made by industry and Government continuing to work together.”
The blue-print urges the incoming Westminster government to implement the following priorities:
- Draft a British energy policy which realises the full benefits of the UK’s indigenous resources
- Ensure the North Sea is globally competitive for investment
- Ensure Brexit negotiations support, develop and promote the oil and gas industry
- Establish practical steps to protect, progress and promote operators, the supply chain and the industry workforce
Brexit will cost N. Sea oil and gas supply chain an extra £200m a year to trade outside EU
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