Oil & Gas UK has released its Economic Report 2014 – the definitive guide to the current status and future prospects of the offshore oil and gas industry in the UK – with a call to secure the long term future of the industry through greater collaboration.
The report, published annually by the UK oil and gas industry’s leading trade association, provides current analysis of a sector finding it increasingly difficult to compete for investment internationally.
Greater collaboration across industry with and across governments will be critical for success. Significant oil and gas resources still lie offshore (possibly up to 24 billion barrels), but radical fiscal and regulatory reform are urgently needed to maximize the recovery of these resources. The industry must also act immediately to address its unsustainably high, and rising, costs. Oil & Gas UK believes that all three of these tasks are of equal importance and that it is crucial to the future of the industry that all three are successfully delivered.
Building on Oil & Gas UK’s Activity Survey 2014, which juxtaposed record investment in 2013 with a crisis in exploration and fast rising costs, this report, based on data provided by Oil & Gas UK’s members, along with information from the Department of Energy & Climate Change (DECC), covers a range of pertinent industry topics from oil and gas markets and regulation, to production and reserves.