The OGA is supporting this year’s ITF Technology Showcase, a very important forum to link technology innovators with operators and suppliers and discuss the value that latest technology deployment and development can bring to the table.
The UK oil and gas industry can still deliver a very significant contribution to the UK economy going forward, both in terms of Maximising Economic Recovery (MER UK) of domestic resources and growing the UK-based supply chain and exports.
To achieve this, Technology innovation has to continue to play a big role in UKCS. Development costs of marginal fields have to be abated significantly to permit recovery of several billions boe of additional resources, while existing infrastructure (platforms and pipelines) have to be maintained efficiently – with 40-50% cost reductions across the board needed to sustain economic viability of legacy fields.
Advancing technologies will also be needed to significantly reduce decommissioning costs and help anchoring a successful supply chain in the UK, through growing exports of high-value services for oil & gas.
Continuing dialogue among innovators, operators and suppliers is needed to ensure focus and ultimate fruition of Technology investments and efforts, and the ITF Technology Showcase contributes significantly to that.