Tuesday 7 September 1999

UK Operators’ Response to Secretary of States Key Note Speech at Offshore Europe 1999

The UK Offshore Operators Association (UKOOA) welcomes the series of initiatives announced today at Offshore Europe 99 by the Secretary of State, Stephen Byers, which set out to secure the UKs position as a world centre in the international oil and gas industry.

James May, UKOOAs Director General, said: There is potentially about as much oil and gas remaining in the UK Continental Shelf (UKCS) as has been recovered to date, enough in theory to sustain production well into the next century. However, most of this potential lies in small fields and complex reservoirs where development costs will be high and operations difficult.

The offshore oil and gas Industrys long term future will therefore depend on its ability to compete successfully for investment in a world market where lower costs exist. Improving the Industrys competitiveness is crucial if recovery of the UKs oil and gas reserves is to be maximised, production prolonged, export performance enhanced and jobs preserved.

The range of measures announced today, in particular the new body LOGIC and the facilitator for innovation and technology, reflect the determination of the UK offshore Industry, in partnership with Government and other stakeholders, to address the issues associated with the maturity of the North Sea and its technical challenges.

The announcement is to be welcomed and UKOOA looks forward to seeing the fruits of the Task Forces work in the form of a more certain future for the Industry and the jobs that depend on it.

For more information, please call 020 7802 2400.