Following Neptune Energy’s announcement of its final investment decision (FID) for the Seagull project, Mike Tholen, Oil & Gas UK’s Upstream Policy Director, said: “Neptune’s Seagull project signals the basin’s first FID of 2019 and demonstrates a growing appetite among North Sea players to establish a diversified portfolio making the most of the variety of opportunities the basin offers.
“The UK Continental Shelf continues to reinforce its position as an attractive investment opportunity. Fresh investment in the basin is key if we are to maximise the estimated 10-20 billion barrels of oil remaining, in line with Vision 2035.
“This project also highlights the importance of the UK’s existing infrastructure network in making the basin an attractive place to invest. It is estimated that there are more than 3 billion barrels of oil and gas contained in marginal fields on the UKCS and being able to tie back to existing infrastructure will be key to unlocking this potential, helping to ensure the industry’s bright future for many decades to come.”