UKOOA Welcomes Aberdeen and Grampian Chamber of Commerce Survey and Rising Optimism
Wednesday 27 October 2004
UKOOA Welcomes Aberdeen and Grampian Chamber of Commerce Survey and Rising Optimism
The UK Offshore Operators Association (UKOOA), the representative organisation for oil and gas producers in the UK, welcomes todays announcement by the Aberdeen and Grampian Chamber of Commerce that their Oil and Gas survey reveals increased activity and the expectation of further increases, at home and abroad, over the next 12 months.
Malcolm Webb, Chief Executive of UKOOA, commented, We are not surprised by the Chambers findings. Exploration and Appraisal wells drilled in 2004 are expected to return to, or near, 2001 levels. In addition, by the end of September DTI project approvals were already 50% higher than for the whole of last year. The recovery in confidence after the 2002 budget is continuing.
In addition the 2004 licensing round was the most successful for many years with 165 new licenses being applied for. Forty two new entrants have been awarded licenses in the last two rounds, indicating that many see the UK as a place with opportunities.
It is very good to see that locally based companies are also increasingly confident that they will be wining contracts and export orders from abroad. Establishing the North East of Scotland, and Aberdeen in particular, as a recognised world wide oil and gas centre of excellence is a key objective for us all.
The challenges for those working in the North Sea and around the UK remain. We are a high cost province generating smaller discoveries. It is important to note that the survey reveals concern that tax changes could damage business confidence and prospects. A stable and predictable fiscal regime is essential if we are to maximise the benefits from the UKs oil and gas reserves.
Ends
Note to Editors
The UK Offshore Operators Association (UKOOA) is the representative organisation for companies licensed by the British Government to explore for and produce hydrocarbons in UK waters. It has 30 members.
For more information, please call 020 7802 2400.
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