Oil & Gas UK’s Event Focuses on Improvement of Hydrocarbon Recovery
- Business & Finance
Scottish Energy Minister, Fergus Ewing MSP, is to address delegates at Oil & Gas UK’s breakfast briefing on the 4th December. The event, sponsored by Endeavour Energy UK, is focussed on the issue of how to improve hydrocarbon recovery from existing assets on the UK continental shelf.
The briefing will be held at the Aberdeen Exhibition and Conference Centre from 7am to 9.30am. Glen Cayley, Vice President Technical, Shell Upstream International, and Patrick O’Brien, Group Director Strategic Business and Marketing, Wood Group Kenny, will also present their views on the steps the industry could take on the technical, economic and commercial challenges that need to be overcome in order to ensure maximum recovery of Britain’s offshore oil and gas resources.
Fergus Ewing MSP said: “Scotland’s oil and gas sector leads the world. With more than half of the value of the North Sea’s oil and gas reserves yet to be extracted, up to 24 billion recoverable barrels with a potential wholesale value of £1.5 trillion, oil and gas will remain an enormous economic resource for decades to come.
“Scotland’s Oil and Gas Strategy, announced earlier this year and developed in conjunction with industry, lays out a plan to help the industry go from strength to strength. The strategy has a key focus on the need to develop innovation support to increase oil and gas technology capabilities – this is something that is needed to ensure that we capitalise effectively on the future potential we know exists in the North Sea for many years to come. That technological and innovative approach is key to maximising recovery of our oil and gas. Just one percent more recovered oil and gas over the lifetime of development equals £22 billion more tax revenue.”
Malcolm Webb, Chief Executive of Oil & Gas UK, who will chair the briefing, said: “We are delighted that the Scottish Energy Minister has agreed to participate in this event. Achieving the maximum recovery of oil and gas from the UK offshore areas will require a collaborative approach by and between industry and government. In that regard we look forward to hearing from the Minister about the Scottish Government’s efforts to support innovation and technology in our industry.”
November 29, 2012