OEUK news

New developments show conditions breathing fresh life into basin

22 October 2018

Commenting on news that Zennor Petroleum Limited has been given field development plan approval for the Finlaggan field in the Central North Sea, and BP has received field development plan approval for its Alligin development west of Shetland, Oil & Gas UK Upstream Policy Director Mike Tholen said:

“This brings the total number of new field developments projects brought into play through formal OGA approvals in 2018 to nine. This is the same amount as the last three years combined, with more expected to be announced in the coming months. As the year draws to a close we are seeing an improved landscape for the sector after one of the most testing and prolonged downturns in its history.

“It’s why industry, governments and the regulator must remain focused on strengthening the competitive investment conditions which are breathing fresh life into the basin and providing new business for the supply chain.

“Through putting existing infrastructure to work, Zennor’s Finlaggan field in the Central North Sea shows how new entrants are bringing fresh perspectives and new investment to the basin.

“This has been an exciting year for BP with Clair Ridge due to come on later this year and recent exploration success in its Capercaillie and Achmelvich wells. Ambitious projects like Alligin show the potential that still exists in the UK Continental Shelf and are a positive endorsement by a supermajor of the future of the basin.

“This is maximising economic recovery in action and shows the determination of the basin to work innovatively and collaboratively in pursuit of Vision 2035 –  ultimately adding a generation of productive life to the UK Continental Shelf.”

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