05/06/2014 in Nieuws
Even though production and exploration levels have fallen over the past few years, the UK oil and gas industry is still of vital importance. The industry continues to be a strong and productive sector of the UK economy. In 2013, it had record capital expenditure of roughly Â£14 billion. The company Gaffney, Cline & Associates give their expert insights into the current â€˜state of playâ€™ in the North Sea.
The industry has also created a supply chain with an unrivalled range of products, services and expertise. Many Dutch companies active in the UK are already enjoying the benefits of these opportunities. Heerema Marine Contractors is one of these companies and would like to share their experiences of the UK market.
The state of play in the North Sea
The petroleum sector in the North Sea continues to attract short-term investment interest from multi-national investors. Drew Powell, Regional Director EAME with Gaffney, Cline & Associates shares his expert views on the latest developments in the North Sea oil & gas market.
The UK offshore is estimated to potentially hold a further 24 billion barrels of recoverable oil, with Norway adding another 18 billion barrels. Capital investment in greenfield and brownfield developments continues to increase, with 2013 seeing an estimated Â£14 billion for the UK sector and predictions for 2014 of a possible Â£20 billion. However, the long-term is less certain due to high cost of activity and, specifically for the UK sector, some uncertainty over the impact of potential Scottish independence. Forecasts are for investment decline from 2015 onwards as investment capital migrates to higher-margin markets. This also creates opportunities as established players reduce their North Sea portfolios to focus on emerging areas or core asset types. Read the rest of this entry →