UK Offshore Oil & Gas Sector: Investment Hits 30-year High

Press Release
Tuesday, February 26, 2013

Tax changes to encourage growth in the UK oil & gas sector have led the industry to make its highest investment for more than 30 years.

According to the recently published Oil & Gas UK, 2013 Activity Survey, thousands of jobs are now being created across Britain and the production of UK oil and gas and resulting tax revenues can now confidently be expected to rise over the coming years.

The Activity Survey shows a diverse mix of investment, ranging from projects of less than £50 million through to some of over a billion pounds, in total soaring to £11.4 billion in 2012. This is now expected to rise even further to at least £13 billion in 2013. 

Investments totalling almost £100 billion are now in companies’ plans. The prospect of investment on such a scale highlights the potential for the UK’s offshore oil and gas sector to boost economic activity and contribute to the country’s prosperity for many years to come.

Malcolm Webb, Oil & Gas UK’s chief executive, said: "Here is some really good news for the UK. After two disappointing years brought about by tax uncertainty and consequent low investment, the UK continental shelf (UKCS) is now benefitting from record investment in new developments and in existing assets and infrastructure, the strongest for more than three decades. The recent introduction of targeted tax allowances to promote the development of a range of difficult projects, coupled with the Government’s ground-breaking commitment to provide certainty on decommissioning tax relief, has prompted global companies and independent businesses alike to take another look at the UK as an investment destination and resulted in a new wave of investment. It is crucial that we sustain this momentum in the years ahead."

Oil & Gas UK is the leading representative organisation for the UK offshore oil and gas industry. Its members, who number over 320, are companies licensed by the Government to explore for and produce oil and gas in UK waters and those in the industry’s supply chain.

Maritime Reporter August 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Korea Shipbuilder Wins US$400-M Greek Order

Daewoo Shipbuilding & Marine Engineering Co., South Korea’s second-largest shipbuilder, says it has signed a contract to build 4 tankships for Maran Tankers Management,

Rolls Royce Marine Awarded LCS Engine Repair Contract

U.S. Department of Defense informs that Rolls Royce Marine North America, Walpole, Massachusetts, is being awarded a US$9,000,000 firm-fixed-price repair order

ABS President Wiernicki Signs New MARAD Agreement

The American Bureau of Shipping (ABS) informs that it has entered into a new Memorandum of Agreement (MOA) establishing the policies and procedures regarding the

Offshore

MNZ Opens New Office in Port Taranaki

Maritime New Zealand (MNZ) informs that for the first time in 5 years it has a permanent presence in New Plymouth on the opening of a new office at Port Taranaki

Fugro Achieves Innovation through Integration

When Aberdeen-based Diamond Offshore wanted to add new functionality to the existing helideck monitoring system on the Ocean Guardian drilling rig in the North Sea,

BMT ARGOSS Awarded OHSAS 18001

BMT ARGOSS, an operating company of BMT Group Ltd. has been awarded the universally recognized standard for occupational health and safety, BS OHSAS 18001. BMT ARGOSS,

Finance

1H 2014 Profits of Port of Tallinn Up 16%

Port of Tallinn earned an unaudited half-year net profit of 20.2 million euros with company’s turnover reaching 59 million euros. Compared to last year the turnover

Geo-Science Provider TGS Reports Strong Half 2014 Results

TGS reports net revenues of USD 205 million in Q2 2014, compared to USD 210 million in Q2 2013. Earnings before interest and taxes (EBIT) totaled USD 82 million,

Matson Reports Solid Q2 2014 Results, Dividend Increased

Leading U.S. carrier in the PacificMatson, Inc. reported net income of $18.1 million or $0.42 per diluted share for the quarter ended June 30, 2014, compared with $20.

Offshore Energy

Geo-Science Provider TGS Reports Strong Half 2014 Results

TGS reports net revenues of USD 205 million in Q2 2014, compared to USD 210 million in Q2 2013. Earnings before interest and taxes (EBIT) totaled USD 82 million,

BMT ARGOSS Awarded OHSAS 18001

BMT ARGOSS, an operating company of BMT Group Ltd. has been awarded the universally recognized standard for occupational health and safety, BS OHSAS 18001. BMT ARGOSS,

Refurbished Seajacks Vessels Leave Shipdock Amsterdam

Seajacks Leviathan and Seajacks Kraken are prepared for their coming assignments, following a series of repair and renewal jobs by Shipdock Amsterdam. The shipyard,

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pod Propulsion Salvage Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2061 sec (5 req/sec)