North Sea needs £200bn investment, says flagship report

OGUK chief executive Deirdre Michie with report authort Ross Lynch visiting Tendeka ahead of the report launch
OGUK chief executive Deirdre Michie with report authort Ross Lynch visiting Tendeka ahead of the report launch

The North Sea will need investment of £200 billion in order to add another generation to its production life, according to a flagship report published today.

Trade body Oil and Gas UK has released its 2019 business outlook, setting out that new exploration is expected bounce back from last year, which saw lowest levels since the 1960s, while production is also on the rise.

Meanwhile drilling activity is at a “record low rate” and supply chain firms remain under “significant financial stress”.

The report states that operators will need to spend £200bn over the next 16 years to achieve “Vision 2035”, an industry objective to extend the life of the UK offshore sector.

For more on this story visit energyvoice.com

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