After a new study published yesterday, by economist Professor Alex Kemp, suggested that a third of all available oil and gas in the North Sea could be left untouched if the price of Brent Crude remains at $25 a barrel, Oil & Gas UK (OGUK), the British trade association, has responded to the findings.
OGUK market intelligence manager Ross Dornan said: “OGUK continues to work with governments and the OGA to understand how we can protect the sector now, support its recovery and accelerate net zero opportunities.
“We know that low oil and gas prices, along with the impact of Covid-19 on operations, have created a very uncertain outlook. This has resulted in difficult decisions having to be made by companies, with our recent Business Outlook Report warning [that] up to 30,000 jobs could be lost.
“Remaining as competitive as possible to attract investment, alongside innovative and flexible approaches and business models, will be required to ensure we can not only continue to meet as much of the UK’s energy needs from domestic oil and gas, but also prepare the UK to fully capitalise on net zero opportunities of the future.”