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5. Creating a Long-Term Future
In Sum
m ar
y
I
n a raƉidly changing energy landscaƉe, the UK oil and gas industry
ne
e ds t o adap
t t o m ax im ise it s v alue w it
h in t
h
e e ne
r gy m ix ov
e
r t
h
e
long-
t
e
r
m . V ision 2035 is de signe d t o h
e lp t
h
e se ct or focus on
long-
t
e
r
m goals t o st ay r
e le
v ant and succe ssful.
T
h
e r
e
m aining v alue of t
h is indust
r
y w ill de
p
e nd lar ge ly on t
w o
Ĩactors͘ &irstly, the successĨul imƉlementation oĨ the industryΖs
D Z UK strategy is critical to madžimise Ɖotential recoǀery Ĩrom the
UK’ s ow n nat ur al r
e sour ce s unde
r
p inne d b
y a st
r ong sup
p ly ch ain.
^econdly, the UK oil and gas suƉƉly chain must Ĩocus on diǀersiĨying
and deeƉening its interests in the UK ^ ǁhile collectiǀely groǁing its
edžƉort Ɖotential to caƉture as much oĨ the gloďal energy marŬet
as p ossib le .
W or k is now ongoing t o t
r
y and se cur
e a Se ct or D
e al w
h
e
r
e
b
y indust
r
y
and goǀernment ǁorŬ together to madžimise edžisting and realise neǁ
oƉƉortunities in the UK oīshore oil and gas sector͘
oilandg
sets out aspirations
for the industry
30%
higher over the first half
of this year than the
same period last year
By the end of 2018
over
of total production
will come from start-ups
post-2016
1
/
3
sets out aspirations
for the industry
The average
Brent oil price was
30%
higher over the first half
of this year than the
same period last year
of the UK’s energy mix
will still come from oil
and gas by 2035
By the end of 2018
over
of total production
will come from start-ups
post-2016
hnit operating cost
improvements have
been greater in the UK
than any other basin
since 2014
The average NBP
day-ahead gas price was
over the first half of
2017 than the same
period last year
The industry could
deliver hundreds
of billions of pounds
in additional revenue
to the UK by 2035
300,000 jobs
in the UK
1
/
3
40%
higher
and F igures
Vision 2035 will
require an integrated
policy approach
between industry and
government
sets out aspirations
for the industry
The oil and gas industry
supports over
The cost of industry
trade could increase
by as much as
per annum if the UK
reverts to World Trade
Krganinjation rules
£500
million
The average
Brent oil price was
30%
higher over the first half
of this year than the
same period last year
The UK Government
forecasts that
of the UK’s energy mix
will still come from oil
and gas by 2035
By the end of 2018
hnit operating cost
The average NBP
day-ahead gas price was
over the first half of
2017 than the same
period last year
The industry could
deliver hundreds
of billions of pounds
in additional revenue
to the UK by 2035
Every £1 million of
industry expenditure
sustained around
17 jobs across the UK
economy last year
High profile
300,000 jobs
in the UK
2
/
3
40%
higher
5
3
3