How the UK oil and gas industry can continue to make significant contributions to the UK economy, was the focus of Oil & Gas UK’s fourth annual conference in Aberdeen.
Following the dramatic fall in oil prices, the sector has worked hard to bring efficiency to the fore. Efficiency and its competitive advantage was one of the themes at the conference, attended by almost 400 delegates.
Walter Thain, Managing Director of Petrofac Engineering & Production Services West and Chair of the industry’s Efficiency Task Force, told the attendees the approach to adapt to our new competitive reality was borne of “sheer necessity”.
“These new ways of working are starting to become embedded in our approach and it’s delivering results,” Thain added.
The First Minister for Scotland Nicola Sturgeon MSP – one of the conference keynote speakers – said the oil and gas industry is still a “great success”. She added: “Innovation is absolutely crucial to the sector for maximising economic recovery, reducing costs without compromising safety and for enabling our supply chain to continue to win new business overseas. Ultimately, it is key to ensuring the sustainability of the North Sea oil and gas industry for the future.”
Another key theme of conference was the huge potential of ‘Vision 2035’ – a £290-billion opportunity for the UK oil and gas industry that could extend the life of the basin and deliver a much-needed boost for the supply chain.
Oil & Gas UK Chief Executive Deirdre Michie said the sector was “moving forward with cautious optimism”. She told the conference: “Bold steps have been and are being taken, and we have great examples of companies working differently to improve cost and efficiency, and working hard to lock these benefits in for the long-term.”