Any Future for North Sea Oil & Gas?
Mark Goodall of Aker Solutions believes there is a future for N.Sea oil & gas despite the present focus on wind and nuclear energy power.
Goodall explained that the low hanging fruit may have gone but there are still several significant new field developments coming on stream with others still in the planning and pre-development phases. We are also seeing the redevelopment of some existing fields with new investment in facilities upgrades to extend the viable operating field life.
The North Sea is classified as a mature oil and gas region, which has passed peak production, however, as technology improves, operating companies are able to extract a far higher percentage of hydrocarbon from the reservoirs than was ever thought possible in the early years.
He went on to set out factors that will enable and influence extended North Sea energy viability in coming years.
- Sustained high oil and gas prices
- Marginal field development
- Technological advancements in drilling and production methodologies
- A sustainable supply of qualified and competent resources
Goodall concluded that there is much to be enthused about with regard to the North Sea’s Oil and Gas industry, as a significant contributor to UK plc and the East of England’s economy for many years to come.
Source: East Anglian Daily Times
