In response to the “Projections of UK Oil and Gas Production and Expenditure Report” published today by the Oil and Gas Authority, which says oil and gas production in the UK increased by more than 4% in 2018, Oil & Gas UK’s (OGUK) Upstream Policy Director, Mike Tholen said:
“This demonstrates that the approaches and strategies of exploration and production companies are paying off and we look forward to shedding more light on this when OGUK publishes our Business Outlook later this month.
“This is a significant milestone for an industry emerging from one of the toughest downturns in memory. However, in a competitive global market where the competition for investment is intense, it remains critical to maintain the fiscal and regulatory conditions which have supported this solid production performance delivered by industry.
“The UK’s offshore industry has a significant role to play enabling the transition to a lower carbon economy, part of that is ensuring we meet as much as possible of the national demand for oil and gas from domestic resources rather than from imports. Maintaining investment in our industry will be critical to our efforts to realise the full potential of the basin as outlined in Vision 2035.”
The report is available here