The Telegraph: North Sea needs £1 trillion to tap remaining oil and gas
Over £1 trillion of investment will be required to recover all of the remaining oil and gas that is thought to exist offshore in British waters, according to the latest industry report from Oil & Gas UK.
Unless more incentives are provided for drillers to work in the UK Continental Shelf (UKCS) and offset the increase in costs of operating there then the UK will struggle to recover the 20bn barrels of oil equivalent (boe), or above, that are thought to remain offshore, warned Malcolm Webb, chief executive of Oil & Gas UK.
“Maximising recovery from the UKCS is the collective responsibility of all those who fund, regulate, tax and operate the offshore oil and gas industry and achieving our full potential will require a tremendous effort on the part of everyone involved,” said Mr Webb. “Our industry makes far too important a contribution to the economic and energy security of the nation to be allowed to falter at this critical point.”