Oil & Gas UK calls on next government to secure the industry’s future

A blueprint outlining four key priorities for the next UK government to help secure the future of the North Sea oil and gas industry has been launched by trade association Oil & Gas UK.

The blueprint, called Vision 2035, urges the new government to:

• Establish an energy policy that realises the full benefits of the country’s indigenous resources.

• Ensure the UK Continental Shelf 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.

The trade association believes the delivery of these priorities – aligned with an ambitious vision for the offshore industry developed by the Oil and Gas Authority – could help the UK economy to generate an additional £290 billion in revenue over the next 20 years.

“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,” said Oil & Gas UK chief executive Deirdre Michie.

“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.”

Professor Paul de Leeuw, director of Robert Gordon University's Oil and Gas Institute, told Professional Engineering that it is good to see some positive news coming from the industry after several challenging years.

"This is exactly the type of long-term thinking the industry needs after a prolonged period of short term focus and activities. The vision has the potential to be a strong catalyst to unite the industry and to ensure that the UK continues to have a vibrant oil and gas industry for decades to come."

The blueprint can be downloaded here.