OGUK responds to oil price impact study published by economist and professor Alex Kemp

5/20/2020

ABERDEEN - Responding to the findings of a new study published today by Professor Alex Kemp from the University of Aberdeen, which suggests a third of all available oil and gas in the North Sea could be left untouched if the price of Brent Crude remains at $25 a barrel,

Ross Dornan, OGUK’s market intelligence manager, said “OGUK continues to work with governments and the OGA to understand how we can protect the sector now, support its recovery and accelerate net zero opportunities. We know that low oil and gas prices, along with the impact of Covid-19 on operations, have created a very uncertain outlook. This has resulted in difficult decisions having to be made by companies, with our recent Business Outlook Report warning up to 30,000 jobs could be lost. Remaining as competitive as possible to attract investment, alongside innovative and flexible approaches and business models, will be required to ensure we can not only continue to meet as much of the UK’s energy needs from domestic oil and gas, but also prepare the UK to fully capitalize on net zero opportunities of the future.”

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