The leading representative body for the UK’s offshore oil and gas industry has said a report into the health of the UK’s oilfield services sector is a welcome reminder of the need for industry to continue to work together to realise its full potential.
EY has published its annual review of the UK oilfield services industry, which looks at performance of supply chain supporting the offshore oil and gas sector over the course of 2017. Oil & Gas UK said that while the figures confirm the continued pressure felt on the sector throughout that period, it expects a more positive landscape in the years ahead.
However, the body said industry remains focused in its pursuit of Vision 2035 – industry’s shared ambition for the future. The Vision aims to build a brighter future for the sector by adding a generation of productive life the UK Continental Shelf, and through expanding opportunities for the supply chain at home, international and into other sectors.
Commenting on the report findings, Oil & Gas UK supply chain director Matt Abraham said: “While this report confirms the pressures felt on the oilfield services sector throughout 2017, it is a timely reminder of the need to remain focused on stewarding a sustainable recovery.
“With increased project approvals, technological advances and improved operational performance, the UK’s oilfield services sector has worked hard to its competitiveness against a challenging global backdrop. This hasn’t come without cost to many and indeed pressures remain.
“Industry isn’t sitting still and while these factors should produce a more positive landscape going forward, we remain relentless in our pursuit of Vision 2035.
“By working to expand supply chain opportunities at home, internationally and into other sectors, the oilfield services sector can strengthen its resilience to volatile global oil markets and identify diverse revenue streams.
“The UK’s oil and gas supply chain has competitive advantage in offering full lifecycle services including exploration, decommissioning and brownfield, with a reputation to match. As global spend picks up, there’s a great opportunity to make the most of these readily exportable oilfield services capabilities.”