Oil & Gas
The United Kingdom oil and gas sector remains in a period of uncertainty as the industry resolves to overcome the significant downturn in oil prices in recent years. However, the UK has always been recognised as a global leader in oil and gas technologies across many areas such as geosciences, well and subsea engineering, offshore safety and operations.
Considerable industry investment in field developments and rejuvenation (averaging some £11bn per annum between 2010 - 2014) has contributed to a growth in UK continental shelf production in 2015, for the first time in more than 10 years. Many firms have actually grown through the downturn. They have taken the opportunity to diversify into new sectors and markets, collaborate with others, invest in new technology and innovate, and these actions help create an industry that is far more efficient and resilient in the future. The oil and gas sector is proving itself to be among the most entrepreneurial, innovative and resilient industries in the UK.
How can the MTC help?
Efficient well technologies and practices will be required to deliver savings in drilling and construction of wells. The MTC can use its expertise in non-destructive testing and novel inspection methods to introduce more effective inspection and repair technologies in-situ, as well as taking best practice ideas and successful technologies in other sectors and deploying them into the oil and gas sector.
Decommissioning is another area of interest and is recognised as a major opportunity for companies across the supply chain. At least £17bn is forecast to be spent on cleaning up redundant infrastructure over the next decade.
Finally, digital technologies and data analytics could allow for improved diagnostic and decision making in asset integrity and maintenance, and should also allow for vastly improved success in finding new reserves.