The North Sea oil and gas industry is undergoing a period of renewal as it adapts to the new realities of a changing world.
And innovation will be key to meet the ‘lower for longer’ challenges, BP chief executive Bob Dudley told industry leaders at an industry conference in Aberdeen.
He said: “In recent years we’ve seen how the onshore industry in the US has reinvented itself.
“The offshore industry in Europe has to do the same – harnessing the spirit of innovation at built the frontier back in its early years.
“And there is no better, no more experienced, no more innovative workforce anywhere in the world – and that’s why I believe the future is bright for the North Sea.”
However, the number of visitors at the Offshore Europe oil and gas conference where he was speak from in Aberdeen plummeted by more than a third.
Compared to the 56,000 visitors when the show was last held in 2015, the number of visitors this year dropped by 35.7% to 36,000
The Offshore Europe event organisers said the oil and gas industry was in a ‘significantly different place’ than it was in 2015, which was reflected in the number of people attending the conference.
More than 100,000 N. Sea oil and gas industry jobs have been lost – 10% of them in Grampian alone – across the UK since the crude oil price peaked at $110-barrel in 2014.
Meanwhile, dredging has now started as part of the £350 million expansion at Aberdeen harbour.
The £350 million project will see additional facilities constructed which will, by 2020, form Aberdeen South Harbour and which extend the port’s ability to accommodate larger vessels with depths of up to 14.2 metres at high tide.
Over the next three years at Nigg Bay, to the South of the existing harbour, will be expanded and developed, representing a step change in marine support capabilities in Scotland.
12 Sept 2017