Vision 2035 Prospectus

(~$16 /boe)

Outlook Challenges

The Industry’s National

The fall in investment from 2014-17 means production decline is likely in the early 2020s

Sustaining efficiency gains is vital if the basin is to continue to ttract investment

It is important to improve exploration success

Free cash flow remains a major concern for the UK supply chain

The facts Global energy demand will continue to grow over the next few decades and although the energy mix is evolving, with other energy sectors accelerating rapidly, oil and gas will remain vital to meet increasing demand and aiding the transition as the world moves to a lower- carbon future. Vision 2035 is not something that can be achieved overnight. It is an ambitious goal which will require hard work and collaboration across the industry to maximise the recovery of our oil and gas resources and build a truly international energy supply chain of repute with strong roots in the UK. Creating a culture that embraces change, is open to opportunity and shares success will be a vital first step and good progress has already been achieved. The UKCS delivers more than half of the UK’s oil and gas There are

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The U is a

The UKCS delivers more than half of the UK’s oil and gas

The UK oil and gas industry supports hundreds of thousands of jobs

and the commercial viability of existing discoveries

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barrels of oil and gas still to recover

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The Industry’s National Contribution

The UK supply chain is a world leader

The industry is expected to make a consistent contribution of around

oilandgasuk.co.uk /busi The wider tax contribution from

The UK oil and gas industry supports hundreds of thousa ds of jobs

across the supply chain includes employment, national insurance and corporation

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TAX

with unrivalled experience in

£2 billion per year in production tax revenues over the next five years

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barrels of oil and gas still to recover

maximising recovery from a mature basin

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