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UK Oil And Gas Firms Failing To Invest In Tech

UK Oil And Gas Firms Failing To Invest In Tech

Wednesday 11th April 2018
Adrankone

A new report from the Oil and Gas Authority (OGA) has revealed that the majority of firms operating on the UK continental shelf (UKCS) are not investing in new technology, instead relying on organisations in their supply chain to introduce innovations.

Energy Live News highlighted the research, which found that 70 per cent of operators on the UKCS were failing to invest in research and development in 2016.

In fact, 11 per cent of the businesses surveyed accounted for 85 per cent of the money spent on new technology during the course of that year. In total, £185 million was invested in this area.

Almost three-quarters of the UKCS oil and gas operators said that they were reluctant to start using new technology while there is "still insufficient experience in the basin", the news provider noted.

However, OGA stated that it intends to talk to a number of the operators about how introducing new technology could benefit them and help them maximise their economic recovery of the assets.

In March, the OGA released projections that indicate operators on the UKCS could produce 2.8 million more barrels of oil by 2050 than previously predicted. Their new projections for the 2016-2050 period estimate that 11.7 billion barrels of oil equivalent (boe) remain on the UKCS.

UK production is also expected to continue to increase in 2018, when more new fields come on stream.

Dr Andy Samuel, chief executive of the OGA, commented: "The extra 2.8 billion barrels identified shows the future potential of the basin which could be boosted further through investment and exploration successes."

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