The UK government seems likely to adopt new measures to enable greater collaboration between energy companies, in order to increase offshore exploration and extract higher yields from existing oil fields in the North Sea.
The new measures come after recommendations from industry mogul Sir Ian Wood, who recommends that the government enforces collaboration through new fiscal and regulatory schemes in the North Sea region, which has seen a 40 percent reduction in output over the last three years. Sir Ian has led the largest independent review of the North Sea oil and gas industry in history, and has revealed that sharing resources would cut costs and encourage further exploration in the region, and new regulatory measures may secure a potential £200 billion for the economy over the next 20 years.
Over 41 billion barrels have been extracted from the UK continental shelf since the 1970s, and Sir Ian believes between 12 billion and 24 billion barrels could still be extracted. Eric Doyle, Regional Director – Europe at Aquaterra Energy, said: “Aquaterra Energy has extensive experience in the North Sea, providing clients with high pressure riser systems for operations in this key region, and is committed to helping the UK reach its full potential in North Sea production.
“Investment in exploration projects in the North Sea is essential to help recover the UK economy as a whole and we share Sir Ian’s belief that a new regulatory strategy will help to place this vital industry in a stronger and more sustainable position.”