Posted by AdviserDirect on 03/20/2019

UK oil and gas industry 'needs £200bn of investment' for future development

UK oil and gas industry 'needs £200bn of investment' for future development

A total of £200bn needs to be spent by exploration and production companies to fully exploit the UK oil and gas sector's remaining potential, a new report has said.

Industry body Oil and Gas UK (OGUK) said its Business Outlook Report 2019 showed the need for a focus on cost and efficiencies was the "new reality".

The study reveals production has increased by 20% over the past five years.

This follows 14 years of decline.

The report found 62% of contractor companies had an improved outlook for 2019, but that many areas of the supply chain were still facing challenges.

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