OGA seeking to reverse slide in UK offshore exploratory drilling

摘要

Exploration is at the very heart of the oil and gas industry. Without it, there would be no offshore production, an industry in the UK that has generated hundreds of thousands of skilled jobs, formed a vibrant supply chain servicing oil and gas activity at home and abroad, and made a key contribution to Britain's security of energy supply. Unfortunately, exploration is often the first area to suffer when oil prices dip and given the sustained downturn of the past 18 months, it is no surprise that exploration for new UK offshore resources has fallen to its lowest levels since the 1970s. However, despite the challenges of a diverse basin made up of frontier and mature areas, with increasing operational costs and a diverse mix of companies operating mature assets, there is recognition that significant prospectivity remains on the UK continental shelf (UKCS).