Page 79: of Offshore Engineer Magazine (Aug/Sep 2013)

78 80

SaFE SaFE

North Sea remains attractive

By Neil Golding, head of oil and gas, tion of marginal developments or felds with declining resources, often

Energy Industries Council (EIC) through the utilization and expansion he North Sea is one of the most of existing infrastructure. These types mature hydrocarbon provinces of developments are often not on the in the world, having relin- radar of major international opera-

T quished more than 40 billion bbl and tors, opening the door to independent gas over the last four decades. Yet the operators who, with current technolo- development of advanced production gies such as subsea engineering and technology, combined with a sustained enhanced recovery at their disposal, high oil price, is fueling a resurgence can make a healthy proft from the of activity in the North Sea and development of these felds.

beyond. Indeed, independent operators

The UK’s oil and gas industry in par- such as EnQuest, Talisman and ticular is attracting record investment. Endeavour were particularly success-

According to EICDataStream, there are ful at securing licenses in the UK’s 146 projects proposed or under devel- 27th oil and gas licensing round last opment offshore UK, worth a total year, with only a handful of the 167 potential investment value of US$88.4 licenses awarded going to the big billion. The accompanying bar chart players. The North Sea undoubtedly shows the UK fgures compared to remains an attractive proposition for

Norway, which has 111 active or future the oil and gas industry yet, at a time offshore oil and gas projects worth an of declining feld rates and complex estimated US$145.7 billion. and often remote reservoirs, it is now

In 2012, the Treasury introduced a more important than ever to nurture series of new feld allowances covering technology and embrace innovative

West of Shetland developments, small production methods. felds and brownfeld projects, which Read more in the offcial Offshore have paved the way for the exploita- Europe show daily, published by OE.

OFFSHORE ENGINEER | february 2012 oedigital.com

OFFSHORE ENGINEER | february 2012 074_OE013_Offshore-Europe.indd 81 7/23/13 11:17 AM