Page 81: of Offshore Engineer Magazine (Aug/Sep 2016)

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REGIONAL OVERVIEW

Northwest Europe

Going against the gloom

John Bradbury takes a look at activity in the North Sea – across Norway and the UK.

y the middle of 2016 it was evident that despite the downturn the North Sea’s biggest project was steaming

B ahead.

But industry gloom isn’t far away either: a report by PwC, which canvassed 37 oil and gas leaders across the North Sea

Basin – in Norway, the UK, and Holland – recently suggested a two-year window of opportunity remains before much of the remaining North Sea potential could be lost through decom- missioning of aging infrastructure.

While signi? cant levels of optimism persist about the future of the basin, the PwC report, “A Sea Change,” found execu- tives calling for closer cooperation among operators, contrac- tors and governments, and for changes in leadership. “Our respondents recognized that a change of guard at the top is

Johan Sverdrup – an artist’s impression. Image from Statoil. essential if the industry is to successfully disrupt its ‘we’ve always done it this way’ mentality and become a force for in- vehicle,” which is seen as key to consolidating smaller and novation and re-invention while demonstrating entrepreneur- fragmented assets under one operator, which almost sounds ial and forward-thinking leadership,” said the PwC report. like a call for a state oil company. PwC found evidence of an

The study calls for the creation of a “super joint-venture industry “…keen for the regulator to lead from the front,” and oedigital.com August 2016 | OE 83 084_OE0816_Geo1_Bradbury_jl1.indd 83 7/24/16 10:25 AM