Deloitte comment on Oil & Gas UK (OGUK) Business Outlook 2019 Report

Graham Hollis, senior partner for Deloitte’s Aberdeen office, commented on Oil & Gas UK’s flagship report into industry performance, Business Outlook 2019.

He said: “The latest Business Outlook from Oil & Gas UK (OGUK) is clear about the significant pressures that remain on the oil and gas sector and it is right to put this in the context of a “new reality” for the industry. Nevertheless, this year’s Outlook does also demonstrate the industry’s ongoing resilience and optimism, particularly evidenced through the improvements in production, production efficiency and new field approvals.

“The on-going levels of M&A activity also indicate that the appetite to invest in the basin continues to be positive. That much of this activity in 2018 related to the transfer of assets, helping to ensure that investment opportunities are in the most appropriate hands, and creating a more diverse corporate landscape, is hugely encouraging given the importance of this in achieving MERUK.

“However, fresh and forward-thinking approaches to collaboration and business models in the oil & gas industry remain crucial to ensuring the UKCS’s competitiveness and longevity as well as supporting that of its critical supply chain mass.”

Location: Aberdeen, Scotland, UK