WIRELINE ISSUE 33 AUTUMN 2015

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1 4 T H E M A G A Z I N E F O R T H E U K O F F S H O R E O I L A N D G A S I N D U S T R Y
FUTURE OPPORTUNITY >
approach to maximising
economic recovery by the
industry, Oil and Gas
Authority and HM Treasury
is crucial
70%
Up to 22 billion
barrels of oil equivalent
remain to be
extracted from the
22
billion
In 2030, 70 per cent
of the UK’s total primary
from oil and gas
The oil price has more than
halved since Summer 2014
by one third since 2011 to
£9.7 billion in 2014
from 80 to 60 per cent
between 2004 and 2012
CHALLENGES >
50% 80% to 60%b
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Maximising the recovery of our oil and gas
resource will strengthen the country’s energy security,
boost tax revenues, exports and the balance of
payments, as well as sustain high value activity and jobs
in our world-class supply chain. “
”