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New Government-Industry Task Force: UKOOA Response

Tuesday 17 November 1998

New Government-Industry Task Force: UKOOA Response

The UK Offshore Operators Association (UKOOA), the representative body for the UK Offshore Oil and Gas Industry, warmly welcomes the announcement today (17 November 1998) that the Department of Trade and Industry (DTI) is to set up a new government and industry Task Force to deal with the impact of continuing low oil prices on the offshore sector.

James May, UKOOA Director-General, said: "The creation of the new Task Force is a positive recognition of the Industry's importance to the British economy.

These are testing times. All sectors across the Industry - operators, contractors and suppliers - are feeling the pressures of the extended period of low oil prices. Hydrocarbon exploration and production in the UK is costly compared to provinces elsewhere in the world. If we are to maintain our competitiveness in the global market - and a secure future for our Industry - we must seek new ways to drive down costs through greater efficiencies and new technologies.

"Partnership across the Industry with Government will be critical, and the Task Force a means of achieving this. We very much look forward to working with Government, bringing time, effort and fresh ideas to the discussion table to enhance the Industrys future.

Notes to Editors

* The UK Offshore Operators Association (UKOOA) is the representative body for the UK offshore oil and gas industry. Its 35 members are licensed by Government to explore for and produce hydrocarbons in UK waters.

* In 1997, a total of 128 million tonnes of oil and 91.3 billion cubic metres of gas was produced, supporting an estimated 380,000 jobs across the country.

* The sector accounts for 16% of total UK industrial investment - £4.4 billion in 1997.

* UK oil exports contributed £4.5 billion to the UKs balance of payments in 1997.

* A total of £150 billion has flowed into the Treasury in tax revenues since 1970.

For more information, please call 020 7802 2400.