Oil & Gas UK has launched a blueprint outlining four key priorities the next UK Government should focus on to help secure the future of the North Sea oil and gas industry.
Presented ahead of next month’s General Election, it urges the incoming UK Government to implement the following priorities:
Establish a UK energy policy which realises the full benefits of the UK’s indigenous resources
Ensure the UK Continental Shelf (UKCS) 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
Oil & Gas UK believes delivery of these priorities – aligned with an ambitious vision for offshore oil and gas industry developed by the Oil and Gas Authority with industry – could help generate an additional revenue of over £290 billion to the UK economy over the next 20 years.
Vision 2035 brings together two scenarios over the next two decades: one for UKCS 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.
Vision 2035 could:
ensure industry is still a significant producer in 2035
double supply chain turnover over the next two decades
Deirdre Michie, chief executive of Oil & Gas UK, said: “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.
“Vision 2035 sets out a compelling future with 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 blueprint for Government is launched just ahead of the annual Oil and Gas Industry Conference – organised by Oil & Gas UK and held on 6 June in Aberdeen.