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
27 February 2026
LNG would serve as a backup supply source as domestic gas declines and the country’s energy system comes under stress during periods of low hydropower output and high energy demand
27 February 2026
The assumption that oil markets will re-route and work around sanctions is being tested, and it is the physical infrastructure that is acting as the constraint
27 February 2026
The 25th WPC Energy Congress to take place in tandem as part of a coordinated week of high-level ministerial, institutional and industry engagements
27 February 2026
The deepwater sector must be brave by fast-tracking projects and making progress to seize huge offshore opportunities and not become bogged down by capacity constraints and consolidation
