Scottish First Minister Nicola Sturgeon
OGUK issues North Sea investment warning
The industry lobby group is concerned that a slowdown in UKCS spending does not translate into a stop
Investment on the UK continental shelf (UKCS) in 2020 fell by around a third from almost £5.5bn ($7.6bn) the previous year, to £3.7bn, the lowest level in real terms since 1973, according to the Economic Report 2021, released at the start of September by industry lobby group Oil and Gas UK (OGUK). The contraction in investment seen by the UK’s oil and gas industry is larger than that seen across the sector globally, estimated as down by 27pc year on year by consultancy Rystad Energy The decline is also greater than that seen by other sectors of the UK economy. Overall UK business investment fell by 17pc in early 2020 compared with before the pandemic, according to the country’s official stat
Also in this section
9 January 2026
The Latin American producer’s crude prospects rely on a multi-pronged approach where even the relatively easy wins will take considerable time, effort and cost
9 January 2026
While many forecasters are reasserting the importance of oil and gas, petrostates should be under no illusion things are changing, and faster than they might think
8 January 2026
Indonesia and Malaysia are at the dawn of breathtaking digital capabilities. Their energy infrastructure must keep up with their ambitions
8 January 2026
The next five years will be critical for the North Sea, and it will be policy not geology that will decide the basin’s future
