Economic Report 2017

E C ONOM IC R E P OR T 2 0 1 7

Figure 19: The Key Components to Achieve Vision 2035

Global Competitiveness

ͻ nsure the industry is Ɖositioned to caƉture a large share oĨ an eǀerͲgroǁing glob al e ne r gy m ar ke t ͻ uild comƉetitiǀe Įscal and regulatory regimes to incentiǀise inǀestment ͻ ontinually imƉroǀe the eĸciency oĨ the ďasin, driǀing doǁn unit oƉerating costs fur t h e r w h ile ensuring industry huďs are ďeƩer connected through Ɖhysical and digit al infr ast r uct ur e

Energy Policy

• P r om ot e t h e v it al r ole t h at oil and gas m ust p lay in t h e UK e ne r gy m ix ov e r t h e long t e r m • nsure that indigenous Ɖroduction meets as much oĨ domestic demand as Ɖossiďle ďy maŬing the UK ^ the most eĸcient ďasin in the ǁorld • ontinue ǁith research and deǀeloƉment Ɖroũects to maŬe oil and gas less emission intensiǀe, satisĨying the need Ĩor loǁerͲcarďon Ĩuels as Ɖart oĨ the energy midž

Trade and Exports

• Daintain Ĩrictionless access to marŬets to enaďle gloďal trading oĨ oil and gas related Ɖroducts, eǀen as the UK leaǀes the U • eǀeloƉ the edžƉort caƉaďilities oĨ the UK͛s ǁorldͲclass suƉƉly chain so it continues ďeyond Įnal economic recoǀery Ĩrom the UK ^ • Wlan a goǀernment Ɖrogramme that Ɖromotes the caƉaďilities oĨ the oil and gas suƉƉly chain, including suƉƉort Ĩor small and medium sinjed enterƉrises

Skills

ͻ Increase the numďer oĨ trained engineers and encourage greater taŬeͲuƉ oĨ science, technology, engineering and mathematics ;^T DͿ suďũects, Ɖarticularly among girls • Unde r t ake a m ap p ing of fut ur e skills de m ands t h at account s for t e ch nical adv ance s • R e cognise t h e im p or t ance of w or kfor ce e ngage m e nt t o t h e de v e lop m e nt and retention oĨ sŬills

Technology

ͻ Anchor caƉaďility and edžƉertise in the UK ďy deliǀering sustained inǀestment in t e ch nology • C om m it t o fur t h e r funding for t h e Oil and Gas T e ch nology C e nt r e t o sup p or t commercialisation oĨ neǁ technology • E nsur e t h e UK can act as a t e st - b e d for t h e de v e lop m e nt and e ar ly de p loy m e nt of ne w t e ch nology

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