ENERGY NEWS
11
MARCH 2021
UK NORTH SEA
Energy Review By Tsvetana Paraskova
Opportunities and collaboration in the supply chain, field development updates, and outlooks for 2021 were the highlights of the UK North Sea oil and gas industry news flow in the past month.
The UKCS Upstream Collaboration Report, jointly run by OGUK and Deloitte and including surveys of the industry to create the collaboration index, showed that re-energising collaboration is set to deliver greater value after the COVID shock to the industry in 2020. The headline figure to assess progress in collaborative relationships, the Industry Collaboration Index, increased slightly to 7.1 in 2020 from 7.0 in 2019, entirely due to the higher scores suppliers received from operators, acknowledging the flexibility and support the supply chain showed during the challenging year. The focus on cost reduction continued to drive collaboration and its role has further increased in 2020, with 30% of respondents, up from 26% in 2019, saying they collaborated to reduce costs, the report said. “As opportunities in energy transition arise, the industry needs to be able to build and improve partnerships and collaborative relationships with renewables companies, as well as with businesses from other sectors,” the report reads. “In this difficult environment, the ability to work closely with suppliers and/or customers to support one another is crucial,” Graham Hollis Office Senior Partner, Deloitte (Aberdeen), wrote in the report. “Greater collaboration will be a key factor in unlocking future industry developments and to strengthening our basin, our versatility, and our resilience. The ability to work together well across companies, industry and the wider energy sector will be critical to delivering a successful energy transition which supports jobs and the communities we work in. Collaboration needs to be part of our DNA; while it is not a silver bullet, it is good for business,” said OGUK Supply chain and Operations Director, Katy Heidenreich.
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