The Future of the UK's Oil & Gas Industry is Dependent on International Oil Prices.DUBLIN, Ireland -- Research and Markets (http://www.researchandmarkets.com/reports/c46853) has announced the addition of Offshore Oil & Gas Industry Market Report 2006 to their offering. This Market Report analyses the UK offshore oil and gas industry, which covers activities in the waters surrounding the UK, known as the UK Continental Shelf (UKCS UKCS United Kingdom Continental Shelf UKCS United Kingdom Counter-Strike (gaming clan) UKCS United Kingdom Copyright Service ). In 2005, total sales of oil, gas and related products amounted to PS28.69bn, an increase of 22.8% on 2004. Government revenues and taxes attributable to UK oil and gas production reached an estimated PS9.7bn in 2005/2006, up by 84.7% on the previous year. Oil and gas production is falling. At 182.1 million tonnes of oil equivalent (mtoe), output in 2005 was 9.9% lower than 2004's output and 22.4% lower than it was in 2001. Oil and gas account for roughly equal shares of UKCS output. 41 years after the first recoverable reserves were discovered in the UKCS, the UK oil and gas industry is a mature one. While there are likely to be some short-term, small increases in output, as a few remaining large fields come on stream and the lives of older fields are extended, the long-term future will be one of decline, unless new major discoveries are made. The more recent discoveries have been smaller than earlier discoveries and they are also more difficult and expensive to bring into production. Some of the larger international oil and gas companies are selling their less attractive UKCS assets and switching their attention to other parts of the world, which give better returns on investment. In the context of the recent government Energy Review, the UK offshore oil and gas industry has an important role to play in providing energy for the UK. Longer term, UK energy needs will have to be met by an increasing amount of oil and gas imports, much of which will come from countries where the culture and politics are very different from those in the UK. Issues of particular concern to the UKCS oil and gas sector include recent rises in taxation (which could deter companies from investing in the industry) and decommissioning Decommissioning is a general term for a formal process to remove something from operational status. Some specific instances include:
The UK will be dependent on fossil fuels fossil fuel: see energy, sources of; fuel. fossil fuel Any of a class of materials of biologic origin occurring within the Earth's crust that can be used as a source of energy. Fossil fuels include coal, petroleum, and natural gas. for decades to come, but carbon emissions are a serious disadvantage of this type of fuel. There is currently a major debate about whether or not to renew the UK's ageing nuclear power stations This is a list of major nuclear power plants in all countries in the world. This is an incomplete list. You can help Name of power station Installed capacity in MW Country Atucha I nuclear power plant 357 Argentina , all of which are due to be withdrawn from service in the 2020s. Nuclear power has the advantage of not producing carbon emissions, but the renewal of nuclear power plant would reduce the market for gas in gas-fuelled power plant. The future of the UK oil and gas industry largely rests on international oil prices. Owing to owing to prep. Because of; on account of: I couldn't attend, owing to illness. owing to prep → debido a, por causa de the hostile environment See: operational environment. in which oil and gas in the UK are recovered, the UK market is based on high prices. The current conflicts in the Middle East During the 20th and 21st centuries, there have been a number of conflicts in the Middle East. Arab-Israeli conflict
tr.v. dis·rupt·ed, dis·rupt·ing, dis·rupts 1. To throw into confusion or disorder: Protesters disrupted the candidate's speech. 2. oil and gas supplies from these regions. Moreover, large emerging economies such as China and India will be major competitors for the world's energy resources. Any escalation es·ca·late v. es·ca·lat·ed, es·ca·lat·ing, es·ca·lates v.tr. To increase, enlarge, or intensify: escalated the hostilities in the Persian Gulf. v.intr. of these factors could lead to renewed efforts to extract the maximum possible oil and gas from the UKCS, even at a very high cost. There has been a rise in the number of exploration licences taken out in the 2005 licensing round, an indication of sustained, but high risk (of not finding recoverable reserves), interest in the UK offshore oil and gas industry. Topics Covered 1. Market Definition 2. Market Size 3. Industry Background 4. Competitor Analysis Competitor analysis in marketing and strategic management is an assessment of the strengths and weaknesses of current and potential competitors. Created by Michael Porter competitor analysis focuses on four key aspects: competitor's objectives, competitor's assumptions, 5. Strengths, Weaknesses, Opportunities and Threats 6. Buying Behaviour 7. Current Issues 8. The Global Market 9. Forecasts 10. Company Profiles 11. Consumer Confidence 12. Further Sources Companies Mentioned * BG Group PLC * BP PLC * Centrica Plc * Chevron Ltd * Conocophillips Ltd * Royal Dutch Shell PLC Royal Dutch Shell PLC formerly Royal Dutch/Shell Group Multinational corporation comprising two founding companies, Royal Dutch Petroleum Co. of The Hague, Neth., and Shell Transport and Trading Co., PLC, of London, Eng. The two companies began as rivals. * Total E&P UK PLC For more information visit http://www.researchandmarkets.com/reports/c46853 |
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