Challenges Facing UK Upstream Industry 'Remain Unchanged' After Election

Challenges Facing UK Upstream Industry 'Remain Unchanged' After Election
The challenges facing the UK upstream oil and gas industry remain unchanged following the latest election in the region, a Wood Mackenzie spokesperson tells Rigzone.

The challenges facing the UK upstream oil and gas industry remain unchanged following the latest election in the region, a Wood Mackenzie spokesperson told Rigzone.

Protecting jobs, adapting to lower for longer commodity prices, lowering costs and improving efficiency, innovation and exploration are all still key issues for the sector, the representative confirmed.   

“Previous conservative governments have taken action to support the industry in recent years by setting up a new regulator, improving fiscal terms and backing onshore operations,” the representative said.

“The UK upstream industry has adapted well to the challenges of recent years and while this election result creates uncertainty in the short-term, there are reasons to be cautiously optimistic about the long term potential of the sector,” the spokesperson added.

Following the election results, Deirdre Michie, chief executive of industry body Oil & Gas UK, said the organization would look for an early meeting with the new government ministers and MPs in order to relay its priorities.

"We are clear about our priorities – promoting the measures which ensure the continued success of our industry in the prevailing climate," Michie said in a statement sent to Rigzone. 

"To that end, we need a UK energy policy which realizes the full benefits of the UK’s indigenous resources; to work closely with government to ensure that the UK Continental Shelf is globally competitive for investment, strategic management of Brexit to support, develop and promote the oil and gas industry and practical steps to protect, progress and promote operators, the supply chain and the industry workforce," she added.

A graduate in journalism from Cardiff University, Andreas has eight years of experience as a business journalist. Email Andreas at andreas.exarheas@rigzone.com

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