Vision 2035 Prospectus

An attractive, competitive industry As the industry has weathered the downturn, it has recognised the need to develop a more collaborative, constructive culture that is open to new opportunities and embraces innovation. Reflecting this, the industry has appointed a cultural change champion to drive the change and promote success. A willingness to collaborate underpins this and initiatives such as the Efficiency Task Force (ETF) and the development of supply chain principles promote new, constructive and more open ways of working, benefitting all involved. If we continue to collaborate and work to increase our competitiveness, then confidence in the basin will remain high, attracting investment to sustain further activity. The industry has indeed become much more competitive. Production efficiency is on the up, and was over 74 percent in 2017, rising for the fourth year in a row; operating costs have halved over the same period. Investment is returning to the basin with £3.2 billion of capital projects delivering 380 million boe already approved in 2018. The industry is continuing to work towards a sustainable cost of drilling and maintaining an attractive fiscal and regulatory environment so that the UKCS can flourish in years to come.