An online tool has been developed to boost the UK’s oil and gas supply chain.
The Supply Chain Hub provides a “one-stop gateway” to initiatives, tools and advice to help firms involved in recovering the estimated 20bn barrels of oil that remain in the UK.
The tool, developed by Oil & Gas UK in partnership with industry, covers topics including decommissioning, exports, finance and efficiency.
Ken Cruickshank, Oil & Gas UK’s supply chain manager, said: “Our supply chain is essential to maximising economic recovery of up to an estimated 20 billion barrels of oil and gas from the UK continental shelf.
“It supports almost all the industry’s needs including exploration, field development, production and decommissioning, but companies dealing with the current downturn need all the help they can get to shift from short-term survival to long-term sustainability.
“This web-based tool gives these companies access to invaluable advice on exporting, sourcing finance, improving efficiency, market intelligence, funding for innovation, networking opportunities and decommissioning information. It is designed to help the supply chain develop and maintain world-class capabilities in a competitive global economy.”
Separately, a report from the Oil and Gas Authority (OGA) said recoverable reserves ranged between 10bn-20bn barrels of oil, while to date 43.5bn barrels have been produced from the UK continental shelf.
The OGA said “probable” reserves were approximately 5.7bn barrels, which alone “have the capacity to sustain production for at least the next two decades”.
Gunther Newcombe, the OGA’s operations director, said: “Future success of the basin requires attracting additional investment, implementing technology and company collaboration on new and existing developments.”
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