Offshore Oil And Gas Industry Market Report

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Offshore Oil and Gas Industry 2009 - Market Report

This Report analyses the UK offshore oil and gas industry and covers activities in waters surrounding the UK, known as the UK Continental Shelf (UKCS). In 2008, total sales for oil, gas and related products amounted to 39.73bn, up by 28.7% on the previous year. Government taxes and royalties attributable to UK oil and gas production in 2008/2009 were 12.98bn, an increase of 65.7% on 2007/2008. Production of oil and gas in the UKCS is declining: the 150.1 million tonnes of oil equivalent produced in 2008 was 5.1% less than in the previous year and 25.8% less than in 2004. Imports are increasing as a result of declining indigenous production. ( http://www.bharatbook.com/detail.asp?id=129658&rt=Offshore-Oil-and-Gas-Industry-Market-Report.html )

The UK offshore oil and gas industry is now mature and some of the early investors are selling some of their less productive assets, mostly to smaller companies. The more recent discoveries are generally smaller and more difficult to develop than the earlier discoveries. As a result, some of the major oil/gas companies are focusing on other areas of the world with better short- and long-term prospects than the UKCS.

Government strategy on energy addresses the issues of energy security, affordability and sustainability. There is also emphasis on a low-carbon Britain, a factor that works against the oil and gas industry with its high carbon emissions. Part of UK government strategy is growth in low-carbon renewable energy and nuclear power; both factors that reduce the potential market for oil and gas. Although this reduced-carbon future for the UK puts pressure on the use of oil and gas, these two fuels will be required for the foreseeable future. The UK is now in an era of rising oil and gas imports, a scenario that favours the use of all the oil and gas that the UKCS can produce. As UKCS reserves become depleted, offshore structures that no longer have a use will have to be removed, an additional cost for the industry.

Regarding imports, the UK will have to compete to an increasing extent in world markets for its oil and gas. This involves importing from countries that, due to very different cultural backgrounds, are not natural trading partners for the UK. Some of these regions are somewhat politically unstable. To satisfy the UK gas requirement, liquefied natural gas (LNG) imports will increase and there will continue to be activity in the UK expanding gas storage facilities and developing LNG terminals. Very significant reserves still exist in the UKCS but development will require substantial investment. Due to the current economic downturn in the UK some of these investments may be delayed.

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