Commenting on the DNV GL Industry Outlook report released today (Tuesday, January 22), which states that confidence in the outlook of the UK oil and gas sector has risen significantly over the last two years, Ross Dornan, Oil & Gas UK’s Market Intelligence Manager, said:
“This report builds on our analysis showing the positive future ahead if we continue to strive towards Vision 2035. OGUK will add more detail on the many exciting future opportunities for our industry in our flagship Business Outlook Report to be published in March this year.
“We cannot afford to return to a position of cost escalation and instability seen previously. Through Oil & Gas UK’s Efficiency Task Force, industry is focused on driving further efficiency improvements, without which the basin will become less competitive.
“We have already seen the sector delivering improved performance, securing more project approvals in 2018 than in the last three years combined. Our challenge is to build on our successes to generate increased exploration activity.
“This is why we remain unwavering in our commitment to Vision 2035 which aims to add a generation of productive life to the basin and expand the supply chain’s global footprint.”