UK: Offshore industry needs to work together in low oil price environment

The key theme of Oil & Gas UK’s 2015 Share Fair will be the urgent need for the industry to work cooperatively and innovatively to tackle its business challenges.

Oil & Gas UK says that the delegates will gain deeper insights into how they could better use their expertise, innovative products and services to help clients tackle future projects on the UK Continental Shelf (UKCS) on November 4, in Aberdeen’s Exhibition and Conference Centre (AECC).

Stephen Marcos Jones, Oil & Gas UK’s business development director, explains: “With up to 22 billion barrels of oil and gas in the basin still to play for there is every reason to reinvigorate our approach to finding new ways to maximise economic recovery.”

Marcos Jones said that the Efficiency Task Force, which Oil & Gas UK officially launched in September, would add extra impetus to current industry efforts aimed at operating competitively in a low oil price world. He further said that clients needed to share their challenges with the supply chain in a more timely and open manner and outline to suppliers the areas where their investment in game-changing technology could significantly improve cost and efficiency in the sector.

“Oil & Gas UK’s Share Fair provides the ideal arena in which creative and entrepreneurial solutions to these challenges can be collectively forged,” he said.

Angela Seeney, Director of Decommissioning, Supply Chain and Technology at The Oil and Gas Authority, also explained the need for operators and services companies to work together in the times of low oil prices.

She said: “Given the lower oil price environment and related decline in profitability, operators and service companies recognise the urgent need to work together to deliver a sustainable 30-40% efficiency improvement. Working together so they can play a vital role in improving the performance and competitiveness of the sector, and leading the positive behavioural change required on the UKCS.

“Share Fair provides an excellent opportunity for operators and service companies to forge innovative new ways of working that help protect and grow our world-class UK supply chain, so that it can continue to compete globally for decades to come.”

Proserv’s CEO David Lamont shared similar ideas about working together in his addressing at the recently held Offshore Europe event in Aberdeen.

According to Oil & Gas UK, this year’s Share Fair will not only provide an arena for sharing information on future UKCS projects but also a platform where purchaser companies share their business  efficiency challenges with delegates  giving them the opportunity to identify and raise awareness of any technology, tools  or specialist services that could help unlock the full potential of the UKCS.

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