Between 12 and 16 oil and gas developments could get the go-ahead this year – unlocking investment of around £5 billion, reveals a key Oil & Gas UK report launched today (Tuesday, March 20).
That’s more than the new oil and gas field approvals sanctioned over the last three years combined and promises a much-needed business boost for the supply chain, reveals the Business Outlook report, which provides the most up-to-date picture of performance and future forecasts for the UK offshore oil and gas industry.
The greenfield and major brownfield developments, set to be approved this year, could yield more than 450 million barrels of oil and gas over time which the trade body says is good news underpinning the production outlook – though still falls short of the level required to sustain long-term production at current levels.
While the project landscape for 2018 is the healthiest the industry has seen since 2013, greater exploration success and maximising the potential within existing assets are essential for the future, says Oil & Gas UK.
“Our sector is leaner, more efficient and more optimistic than it has been in recent years and 2018 looks set to be a better year, “said Deirdre Michie, Chief Executive of Oil & Gas UK.