"The UKCS [UK Continental Shelf] is in urgent need of fresh investment to boost exploration and drive activity, particularly for the supply chain… Exploration has fallen to record lows and little new investment has been approved in 2016 and 2017 looks no better. Increased asset trading is one area that could free up new investment by facilitating the trading of late-life assets," Deirdre Michie, Oil & Gas UK’s chief executive, was quoted as saying in the report.
The downturn of oil global prices over the last two years has resulted in 30 percent fall in revenues of the UK offshore oil and gas industry and ongoing job losses despite the fact that production went up by 10.4 percent in 2015, which was the first increase in 15 years, according to the report.