Around 45% of contractors have increased their investment in the UK continental shelf (UKCS) over the past 12 months, according to Aberdeen & Grampian Chamber of Commerce’s 30th Oil and Gas Survey. Close to half (47%) have either started to use artificial intelligence or will do so in the next five years.
The survey, conducted in partnership with the Fraser of Allander Institute and KPMG UK, found that only 6% of companies view taxation as a limiting factor on the UK shelf, down from 26% in 2017. Another conclusion was that 40% of firms had expanded their workforce over the past year, with 52% expecting to spend more on staff training between now and 2021.
Almost three quarters (72%) of firms are forecasting an increase in profits in 2019 and the results also recorded the highest figure in this survey’s history indicating a rise in the value of UKCS production-related activity.
Reabold Resources plc (LON:RBD) is an investor in near-term, high growth upstream oil & gas projects where an injection of its capital facilitates near-term activity. The company has a 32.9% interest in Corallian Energy, which has a 49% interest in Colter, offshore Dorset, United Kingdom.