Oil and gas exploration companies need to spend £200bn ($265bn) to take full advantage of the UK sector’s potential, according to a report by OGUK (Oil and Gas UK). It said production had risen by 20% during the past five years after a 14-year fall and that just under two thirds of companies had improved their 2019 forecasts, although there were still supply chain difficulties. Oil and Gas UK CEO Deirdre Michie said the industry was critical for energy security and for developing a lower carbon economy, and that the extra £200bn investment would help it to achieve those objectives.
Oil and gas exploration companies need to spend £200bn ($265bn) to take full advantage of the UK sector’s potential, according to a report by Oil and Gas UK (OGUK). It said production had risen by 20% during the past five years after a 14-year fall and that just under two thirds of companies had improved their 2019 forecasts, although there were still supply chain difficulties. OGUK CEO Deirdre Michie said the industry was critical for energy security and for developing a lower carbon economy, and that the extra £200bn investment would help it to achieve those objectives.