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North Sea exploration funding announced
New exploration in the North Sea will be supported by a £5mn UK government fund for 2018/2919, UK Chancellor of the Exchequer Philip Hammond announced on 25 September, during a visit to Aberdeen and Dundee. The funding will be used by the Oil and Gas Authority (OGA) to survey under-explored areas of the UK Continental Shelf (UKCS) to find potential new deposits. The UK government has previously funded two other seismic exploration programmes (both £20mn in size) in areas such as the Rockall Trough/West of Shetland. While this latest programme is comparatively smaller, the seismic data made available should help to boost exploration efforts in the North Sea and the programme will support jobs while the industry continues to recover from the downturn.
The announcement came on the same day that the Oil & Gas Technology Centre in Aberdeen, which the Chancellor visited and is part-funded by the UK government, said its work with industry on new subsea technologies could help unlock 400mn additional barrels of oil and gas from the North Sea and £3bn of additional value to the industry.
News Item details
Journal title: Petroleum Review
Countries: UK -
Subjects: Banking, finance and investment, Policy and Governance, Oil, Exploration and production, Subsea engineering, Gas, Energy policy, Seismic analysis
