Brexit and the UK oil and gas industry

Brexit and the UK oil and gas industry

Deirdre Michie, Chief Executive of Oil & Gas UK, said: “Oil & Gas UK is an apolitical organisation representing a large and diverse membership where there will be a variety of views. While the trade body can’t take a position on Brexit, we commissioned the research because we need to understand the possible impact on our industry – and the possible opportunities – from exiting the EU.

“We also identified other EU policy issues as critical to the oil and gas industry and will require negotiation with European counterparts, as well as discussions at the domestic level between Government, regulators and industry during the Brexit process.
“During the global industry downturn, our industry has continued to focus on increasing its production efficiency, and on its unit operating costs which have improved by almost 50%. “We are becoming a more globally competitive industry, but we continue to be very sensitive to any additional burdens either in relation to cost, or restrictions on the movement of key personnel required for critical operations. “There are still up to 20 billion barrels of oil and gas to recover from the UKCS and, if properly supported, our already world-class supply chain could double its turnover by 2035. “Oil & Gas UK would welcome discussions with Government officials to outline industry’s concerns and opportunities and help identify a path forward during Brexit negotiations. “Our request of Government is that any change, whether domestic or European, is managed in a manner that minimises risk to the oil and gas industry and provides predictability and clarity wherever possible, through constructive dialogue and consultation.” The letter was sent to the Prime Minister on Monday. Source / More: Oil & Gas UK oilandgasOil and Gas News Undiluted !!! “The squeaky wheel gets the oil” Follow us: @OilAndGasPress on Twitter | OilAndGasPress on Facebook ]]>

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