In Europe UK and Scandinavian countries tops the Oil Industry. The UK oil and gas market is typified by the presence of large diversified companies with highly vertically integrated operations throughout oil exploration, production, refining, transportation and marketing. The UK has specific strengths in project management, major contracting, design engineering, asset management, design of advanced equipment, R&D, training and professional and financial services. The UK has seen a significant pipeline of companies bringing their EHQ or HQ to the UK reflecting UK’s corporate and geographical advantages.
The North Sea is expected to continue producing for another 30 to 40 years with potential for a further 25 billion still to come. This will offer new business opportunities for companies with technologies designed to access the more challenging fields. Current projections indicate that around £27 billion will be spent on decommissioning over the next decade. It is expected that 144 fields may start decommissioning by 2020. The UK’s strong position in the global oil and gas sector is demonstrated by the approximately $10 billion in oil and gas equipment and services being exported each year. The UK oil and gas industry will remain an important player in the world energy scene for decades to come.
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