UK needs £1,000bn to tap North Sea oil and gas

More than £1,000 billion needs to be spent if the UK is to fully tap the oil and gas lying under the North Sea. Trade body Oil & Gas UK released its forecast this week, saying the cash is needed to get out the “upper end of our remaining resources, that is above 20 billion […]

North Sea helicopter crash investigation ongoing

An investigation into what caused a helicopter to crash in the North Sea – which killed four oil workers – on Friday is ongoing. The aircraft’s operator CHC said the Super Puma AS332-L2 helicopter was carrying 16 passengers and two crew members from the Borgsten Dolphin rig to Sumburgh airport in Shetland when it crashed […]

UK oil and gas investment at 30 year high

The UK continental shelf (UKCS) is now benefitting from “record investment”, with more than £8 billion announced in the last six months alone. A new report suggests oil and gas investment rose to £11.4 billion last year – believed to be the highest for more than thirty years – and is expected to rise even […]

UK oil and gas gets ‘confidence’ back

The oil and gas industry is growing more “confident” the Government values its role in the economy, suggests a new trade body report out yesterday. More cooperation with the Government has put the industry’s fears at ease, suggests Oil & Gas UK in its 2012 Economic Report, which means it is attracting more money into […]

UK oil production falls to lowest since 1970s

The UK is producing less oil and gas than it was in the 1970s. The Government say this decline was due to maintenance activities and slowdowns, which resulted in a net import dependency the highest seen since 1976. Oil production was 17.5% lower than in 2010 and was also the lowest level of production since […]

Stalling oil and gas growth is being ‘masked’

The UK’s offshore oil and gas sector is “fighting hard to stand still” when it should be thriving, claims a leading trade body. Oil & Gas UK which represents more than 200 offshore firms yesterday warned the sector’s shrinking growth is being “masked” by the short-term success of a few large projects. The warning comes […]

UK oil body slams EU’s new "blanket" safety regulations

The UK’s trade body for oil and gas has slammed new “blanket regulations” planned by the EU that could risk “undermining safety” in the North Sea. The European Commission (EC) today proposed “stringent” EU-wide plans for new safety laws on offshore drilling in response to the Gulf of Mexico oil spill in April last year. […]

Oil and gas still key to UK economy, says trade body

Oil and gas are still key to the UK economy, claims the industry trade body. Oil & Gas UK says that its latest Economic Report for 2011 shows the sector is one of UK industry’s “stalwarts”. The report shows that more than 40 billion barrels of oil and gas equivalent have been extracted from the […]

More young people find work in offshore industry

The offshore oil and gas sector is attracting younger workers. The 2011 Workforce Demographics Report shows a rising trend over the past five years in the overall number of people aged under 30 travelling to offshore installations in UK waters. Despite the numbers for workers in UK offshore installation falling since 2006, there has been […]

UK Gas production falls by a quarter

Total UK production of natural gas was a record 24.8% lower in the second quarter of 2011 than that of the year before. This was helped by a lower demand for gas through warmer weather and increased Liquified Natural Gas imports, which rose by 68%. Malcolm Webb of Oil & Gas UK said the statistics […]