Vision 2035 Prospectus

Maximising Economic Recovery Although industry has faced many challenges over the past few years, our production has remained strong, reversing a 14-year declining trend and producing nearly 600 million boe in 2017. Vision 2035 sees the basin delivering an additional 3 billion boe by 2035 on top of earlier plans, and sees industry effectively managing production so that this mature basin is still producing over 1 million boe per day in 2035. In doing this, the industry will continue to provide a base load of work and activity for its supply chain whilst providing opportunity for it to diversify into other aspects of energy and enter new markets at home and abroad. Sustaining our supply chain, encouraging diversification and exports More than 1,400 companies across the UK have built successful businesses on the back of the UK’s oil and gas industry, both serving the UKCS and also offering a major export capability. Turnover across the supply chain was estimated at £30 billion in 2016, £12 billion of which came from exports of oilfield goods and services providing the UK with highly skilled jobs and increasing the supply chain’s resilience.

Vision 2035 seeks to help the UKCS supply chain expand its international oil and gas related business, growing such turnover to over £35 billion p.a. by 2035. Growing exports and encouraging diversification will be key. The UK currently supplies just under 4 per cent of the global oil field services market; the aim is to double this share by 2035. Sustained strong activity on the UKCS offers a sound base to build on. The upstream industry will need to continue to provide its supply chain with plenty of opportunities to ensure it can flourish at home, while also allowing it to grow and diversify into other industries and grow its capabilities overseas. Initiatives by the British and Scottish governments to support the sector through the Industrial Strategy and a Sector Deal will all contribute to achieving Vision 2035.