It’s estimated that there are over three billion barrels of oil that remain untapped beneath the UK continental shelf (UKCS), which has been described as representing a “very significant opportunity” by The Oil and Gas Authority (OGA). If small pools of gas and oil in the North Sea are tapped successfully, it could potentially revitalise the industry.
Carlo Procaccini, head of technology with the OGA, was quoted by the BBC as saying that in actual fact these pools could maximise the economic recovery of the UKCS, with the OGA now committed to work alongside others in the industry, including the Oil and Gas Technology Centre and the Technology Leadership Board.
“Technology has an important role to play to reduce the cost of development wells, design optimised subsea infrastructure to existing host facilities and develop efficient standalone concepts,” he went on to say.
Earlier in the year, project director with the National Subsea Research Initiative Dr Gordon Drummond explained that these small pools have now been located and we now know what is needed in order to unlock their potential.
This comes after BMI Research found that expenditure in the oil industry is predicted to grow in 2017, the first time positive investment will have been seen since 2014. It’s expected that 2.5 per cent more will be invested by companies on capital expenditure next year than in 2016 – the first yearly growth in spending for more than two years.
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