A spokesperson said: "There is such a variance in projects on the UKCS
given age and types of development that there's not much to be learnt from pinning down an average UKCS
'break even' price.
MOVING ON: Some of the oil majors are trying to sell off their UKCS
"However, the UKCS
must become a more attractive investment proposition in the long term or we face losing the vast experience and expertise built up by the industry over the last 50 years."
"Our toolkit products, which now cover large parts of the UKCS
, have great potential for helping our clients from the exploration phase through to development."
A "significant permanent reduction" in headline tax rates is required across the UKCS
to attract investment back into the basin as it enters a phase of "super maturity", she said.
This follow-up study to OPITO's UKCS
Workforce Dynamics Review: Shaping the Skills for Tomorrow in 2018, addresses the need to design and adapt our talent development systems for both the existing workforce and new recruits.
In February 2015, a barrel of Brent crude was priced at $60 and the price has now fallen to around $45, creating an even more challenging economic environment for companies on the UK Continental Shelf (UKCS
), where operating costs have become and remain higher than many other basins around the world.
We can, again, look to Apache, which is setting the standard for operations in the UKCS
. According to its November financial update, the company delivered production efficiency of 92% and approximately 50% lower operating costs for its North Sea operations.