Investment in the UK’s North Sea offshore sector saw a dramatic increase over the last 12 months, reaching levels not seen since the 1970s.
Global energy consultancy group Wood Mackenzie has predicted that 14 new high capacity fields in the region are expected to commence production in 2014. The group also reported that the large rise in North Sea offshore investment which began in 2011, continued through to the end of 2013, reaching £13.5 billion.
Government tax breaks have provided more opportunities for investment over the past year, meaning the UK oil and gas industry may be heading towards a new period of economic prosperity. Although there is considerable optimism for the sector, analysts have cautioned that the increased investment is expected to decelerate and stabilise towards the end of 2015; indicating firms will need to quickly take advantage of these investment opportunities to avoid missing out.
Patrick Phelan, Managing Director for Aquaterra Energy said: “With offices in strategic locations across the UK and an extensive back-catalogue of successfully completed projects, Aquaterra Energy is well placed to capitalise on opportunities created by growing investment in the sector. We remain confident that increased investment will mean that the industry-wide trend in slow and delayed project orders witnessed in recent years is likely to now alleviate.”