UKOOA "encouraged" by Energy Review StatementNews // August 2, 2006
The UK Offshore Operators Association (UKOOA), the representative organisation for UK oil and gas producers, says it is "encouraged" by the Governments acknowledgement of the role which UK oil and gas has to play in the country's overall energy mix and the commitment to maximising the recovery of Britain's remaining hydrocarbon reserves.
However, UKOOA repeated its call to Government to work with the industry to create the correct fiscal and regulatory regime necessary to deliver the second half of the UK offshore oil and gas basin.
The UK has significant offshore oil and gas reserves, estimated to be up to 27 billion barrels of oil equivalent, compared with the 35 billion barrels produced to date.
"We are pleased to hear the Government's commitment to the UK offshore oil and gas industry and we look forward to seeing their further proposals on this in due course," said UKOOA's chief executive Malcolm Webb.
"However, we have no time to waste," he added. "Opportunities that were not immediately seized in the first half of the North Sea's life were deferred. Those not seized in this second half will likely be lost for ever. All sectors of Government, including Treasury, DEFRA and Ofgem, have a role to play here, alongside the DTI. It is vital that we all work together to create the right business environment to accelerate the exploration for and development of new fields and hence ensure that the UK's valuable oil and gas reserves are not abandoned."