Commenting on the WoodMac report released this week, which highlights five themes for the industry in 2019, including North Sea exploration and project investment, Mike Tholen, Oil & Gas UK’s Upstream Policy Director, said:

“This report builds on our analysis showing the positive future ahead if we continue to strive towards Vision 2035. OGUK will add more detail on the many exciting future opportunities for our industry in our flagship Business Outlook Report to be published in March this year.

“We have already seen the sector delivering improved performance, securing more project approvals in 2018 than in the last three years combined. Our challenge is to build on our successes to generate increased exploration activity.

“This is why we remain unwavering in our commitment to Vision 2035 which aims to add a generation of productive life to the basin and expand the supply chain’s global footprint.”