North Sea is the most fiscally competitive basin in the world, Oil & Gas UK says

Representatives from the UK’s oil and gas industry and government delegates will be attending this year’s edition of the Oil and Gas Industry Conference for a briefing on the transition underway to secure the future of the UK oil and gas sector faced with a downturn that has claimed thousands of jobs.

Examples of action taken to make industry more efficient in how it works will be shared with the 450-plus attending the annual conference sponsored by PwC and organized by trade body Oil & Gas UK and taking place at the Aberdeen Exhibition and Conference Centre June 14 and 15.

According to the organizer, UK and Scottish government ministers plus key figures from industry, the regulators, academia and other organizations and sectors will hear of companies sharing good practice and co-operating on initiatives which are helping to bring costs down.

Deirdre Michie, Chief Executive of the trade body Oil & Gas UK, said: “Last week, we confirmed the latest fall in employment numbers which certainly reinforce the fact that this industry continues to go through really challenging times. Improving our efficiency and reducing our cost base has seen us increase production and reduce our unit operating cost by a remarkable 40%.”

“Recognising that our competition is outside this basin has spurred us all on to deliver to levels I don’t think we would have considered possible 18 months ago. We are pleased with the progress that Oil & Gas UK’s Efficiency Task Force is making.”

Deirdre Michie also said industry had worked constructively with UK Treasury and the Oil and Gas Authority to deliver changes – which, when coupled with cost base reductions – make the North Sea the most fiscally competitive in the world.

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