The ‘Future’ of Oil & Gas – Economic report 2013
With the latest release from Oil & Gas UK’s Economic report 2013 we wanted to pull out some key findings from our perspective and give a taste of things to come.
This is an industry of significant continuing value for the UK, with 9 new fields bringing 146 million barrels of oil equivalent (BOW) into production. Oil & Gas continues to remain one of the UK’s largest investment sectors and economic contributors to GVA. Interestingly, more than half of these fields are made commercially viable by innovation and tie backs to existing infrastructure and the sector as a whole supports in excess of 450,000 employees in the United Kingdom today.
In 2013, the supply chain in the UK generated more than £20 billion in sales and another £7 billion in export goods and services. The opportunity and challenge in the Oil & Gas sector today is to ensure that companies become more effective and are able to improve their operational performance and transparency. The industry needs to become more proactive and less reactive.
For Oil & Gas, this is in an era of transformation and modernisation. There is renewed conviction to improve production efficiency, wrench time and earned value measurement. ERP infrastructure is key in being able to efficiently manage the variables in day to day operations and to be able to effectively step and review and forecast performance across sites, projects, countries and currencies.
Oil & Gas UK predicts that capital investment will reach a record of £13.5 billion in 2013. Continued insights into the Oil & Gas industry to come, keep an eye out for our next blog, in the mean time download the full Oil & Gas UK report.