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Press Release21st Sep 2018

Verus Petroleum acquisition shows improved competitiveness of UKCS


Commenting on the news that Verus Petroleum announced a multi-million pound deal for North Sea assets, Oil & Gas UK Upstream Policy Director Mike Tholen said:

“This multi-million-pound transaction stands to be a neat illustration of how the hard work to improve the attractiveness of the UK Continental Shelf is enabling a diverse range of investors to play into the basin.

“As our Economic Report recently showed, reduced costs, competitive fiscal terms, improved operational performance and more stable oil and gas prices have generated improved investment conditions. Verus Petroleum’s acquisition shows the potential they see for growth, key to maximising economic recovery and achieving Vision 2035.”