Economic Report 2018

ECONOMIC REPORT 2018

4. Vision 2035

In Summary T here has been recognition that there is a need for industry to align behind a shared ambition, Vision 2035, which sets out both the potential opportunity for the industry and how it can be secured. • Adding a generation of productive life to the basin • Doubling the long-term opportunities for the supply chain Through fully implementing all aspects of the MER Strategy, across the entire E&P lifecycle, the long-term production profile of the basin can be managed to ensure that the UKCS still produces at least 1 million boe in 2035. This could secure an additional £140 billion in revenue, over and above the baseline scenario of £280 billion. In fully exploiting the opportunity for the UK oil and gas supply chain, and by doubling its share of the global market and embracing the opportunities available through diversification into other Vision 2035 has two key objectives:

markets, an additional £150 billion in revenue can be achieved above the baseline estimate of £350 billion. By delivering Vision 2035, the UK oil and gas industry will continue to be a significant contributor to the UK economy in the decades to come.

Adding another generation of productive life to the UKCS, a vital part of a 21 st century energy industry

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