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OGUK Responds to New Academic Study on Future of UK Oil and Gas Industry

Source: www.gulfoilandgas.com 5/20/2020, Location: Europe

Following the publication of a new report published today by Professor Alex Kamp of the University of Aberdeen, which has modelled the impact of $25, $35 and $45 oil prices, with corresponding gas rates, OGUK’s market intelligence manager, Ross Dornan said:

“OGUK continues to work with governments and the OGA to understand how we can protect the sector now, support its recovery and accelerate net zero opportunities. We know that low oil and gas prices, along with the impact of Covid-19 on operations, have created a very uncertain outlook as this report points out. This has resulted in difficult decisions having to be made by companies, with our recent Business Outlook Report warning up to 30,000 jobs could be lost. Remaining as competitive as possible to attract investment, alongside innovative and flexible approaches and business models, will be required to ensure we can not only continue to meet as much of the UK’s energy needs from domestic oil and gas, but also prepare the UK to fully capitalise on net zero opportunities of the future.”

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