‘Failure to Support Subsea Programmes Could Influence UK Oil Production and Export’

A stark warning to Government ministers that lack of subsea technology investment and support could be hugely detrimental to the UK’s oil production and export revenue will be made this week.

According to Subsea World News, Subsea UK, a body representing the UK’s subsea sector, will tomorrow evening (3rd July) address ministers and unveil its manifesto that outlines the need for greater collaboration between industry, government and academia and significant public and private investment in skills and technology research and development.

Neil Gordon, chief executive of Subsea UK, said: “If, as David Cameron says, the UK’s oil and gas industry is the jewel in our economic crown, then the subsea sector is the sparkle on that jewel…Already almost 45% of UKCS production comes from subsea wells and new developments will take this up to 70%…But we are not investing in R&D to the same extent as competing countries in Brazil, the US and Norway.”

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