Creative thinking key to UKCS future

Source: press release, 20 March 2019

Graham Hollis, senior partner for Deloitte’s Aberdeen office (photo: Deloitte)

Released this week, Oil & Gas UK’s Business Outlook Report reflects on the sector’s past performance and assesses its future prospects. The information that forms the basis of this report is provided by members from across the industry, uniquely positioning Oil & Gas UK to set out the business outlook for the whole sector.

illustration: Oil & Gas UK
illustration: Oil & Gas UK

Commenting on the flagship report into industry performance, Graham Hollis, senior partner for Deloitte’s Aberdeen office, says, “The latest Business Outlook from Oil & Gas UK (OGUK) is clear about the significant pressures that remain on the oil and gas sector and it is right to put this in the context of a ‘new reality’ for the industry. Nevertheless, this year’s Outlook does also demonstrate the industry’s ongoing resilience and optimism, particularly evidenced through the improvements in production, production efficiency and new field approvals.”

“The on-going levels of M&A activity also indicate that the appetite to invest in the basin continues to be positive. That much of this activity in 2018 related to the transfer of assets, helping to ensure that investment opportunities are in the most appropriate hands, and creating a more diverse corporate landscape, is hugely encouraging given the importance of this in achieving MERUK. However, fresh and forward-thinking approaches to collaboration and business models in the oil and gas industry remain crucial to ensuring the UKCS’s competitiveness and longevity as well as supporting that of its critical supply chain mass,” Hollis adds.

The Business Outlook Report is available to download at https://oilandgasuk.co.uk/product/business-outlook-report/