Oil & Gas UK Annual Review 2013

ANNUAL REVIEW 2013

Financial Performance 2013

Oil & Gas UK’s expenditure covers three main areas; Directorate Project Costs, being 3rd party expenditures for industry studies and projects, Office & Administration Costs and other industry project funding, such as the Chaplaincy and the Earth Science Education Unit. Expected forecast against budget for 2013 is £10.81 million, with expenditure broken down as per the table below. The forecast includes the Board’s approval of certain additional activities during the year such as the PILOT Infrastructure Access work for the Northern

North Sea, the Industry Council’s Supply Mapping work and additional expenditures relating to economic and legal work on decommissioning security along with the original budgeted activities. The additional funding needed will be partly offset through the reallocated use of contingency funds. Also included below is a comparison to the 2012 financial year and the proposed 2014 budget, which has been approved by the Board and will be placed before members at the 2013 AGM in December.

Financial Expenditure

2012 Expenditure £ 000’s

2013 Forecast £ 000’s

2014 Budget Proposal £ 000’s

Directorate Projects

3,113

3,624

3,140

Office & Administration Costs

5,922

6,219

6,787

£

Other Industry Project Funding

914

965

943

9,949

10,808

10,870

TOTAL

14