UK oil production has fallen by 40 percent over the past three years to the same production levels seen in the 1970s, prompting two Cabinet visits in the same week earlier this month.
In 2013, only 15 exploratory wells were drilled, the lowest number since drilling began in the North Sea 50 years ago. The importance of the UK’s oil and gas sectors for the economic and social well-being of the nation has been more widely recognised over the past 12 months, leading to an investment boom to meet the needs of the international petroleum industry and the global demand for oil and gas.
The Wood Report, published in February, called for stronger collaboration between industry, technical research, higher education and government, to help secure a stronger future for the industry. Patrick Phelan, Managing Director of Aquaterra Energy, said: “By creating an inclusive network of researchers, governing bodies and industry experts, the UK’s global reputation as a leading oil producer can be secured. Aquaterra Energy is a leader in engineering innovation for the offshore oil and gas industry, and there is high demand for UK engineering to keep the industry profitable and at the forefront of innovation. Aquaterra Energy’s technical team is well regarded for its specialist engineering expertise and products, one of which was a ‘world’s first’ 10,000 psi riser system.
“Our team has expanded considerably since opening the central Aberdeen office, demonstrating that UK engineering is much in demand, and we are recruiting and training highly experienced engineers who will keep us at the forefront of innovations in riser systems and minimum facilities platform technologies for years to come.”