Ian Wood, who led development of a strategy to revive oil and gas work on the UK Continental Shelf, says the industry risks falling far short of realizing full North Sea potential.
Speaking in Aberdeen, the retired Wood Group chairman said recently improved operating methods enable recovery of 9-10 billion boe more oil and gas in the UK North Sea.
But industry estimates put the potential at 20 billion boe.
New technology and “serious collaboration” among operators in the development of small fields can add 5-10 billion boe to recovery, Wood said.
In 2013-14, he chaired a committee that made recommendations, many adopted by the UK government, for taxation and regulatory changes aimed at “maximum economic recovery” of the mature UKCS resource (OGJ Online, Aug. 31, 2015).
The committee also called on companies and the government to work together more than they had in the past.
“Collaboration is still the biggest single thing that will lead to improvement,” Wood said in Aberdeen.