UK Oil, Gas Firms Plan Further Cost Cuts

“The UK faces the dual challenges of the low oil price and declining investment,” said Stephen Halliday, group president of Wood Mackenzie, Verisk Maplecroft and 3E Company, in a statement on Oil & Gas UK’s website.

“Progress has been made in making the sector more attractive, particularly with lower tax and a new regulator. However, action needs to be taken to ensure that we optimize investment returns and make use of existing infrastructure. Costs have been coming down, but the industry needs to see more collaboration, standardization and exploration in order to maximize the value of the UK North Sea,” he added.


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