North Sea oil and gas groups cut investment by £3bn. Drilling declines to levels last seen in 1970s as pandemic and energy transition put industry’s future in question. Spending by oil and gasoline firms working within the UK North Sea fell to the bottom ranges since 2004 final yr as they targeting preserving money through the pandemic, whereas manufacturing from the greater than half a century-old basin has re-entered “longer-term” decline. Oil and gasoline firms collectively spent £3.4bn much less final yr than in 2019, a 23 per cent drop, in line with a report on Tuesday by OGUK, a commerce physique. Corporations deferred discipline developments and upkeep to deal with the fallout of the pandemic, which triggered a pointy stoop in costs within the first half of 2020.
FT 16th March 2021 read more »
OGUK report underlines need for ‘vital support’, says 30,000 job losses remains ‘reasonable estimate’ Oil and Gas UK (OGUK) has warned that the UK’s energy transition is at risk of stalling unless the industry receives “vital support” from government.
Energy Voice 16th March 2021 read more »
SCOTLAND’S oil and gas industry has appealed for public funding amid a warning a £3 billion hit to the sector could put ambitions to transform operations away from fossil fuels at risk. Oil and Gas UK (OGUK), the industry body for the UK offshore sector, has warned that in order for Scotland and the United Kingdom to meet pledges to become carbon net zero, investment in technology is vital.
Herald 16th March 2021 read more »
The National 15th March 2021 read more »