Economic Report 2018

UK Export Finance (UKEF) – UKEF aims to ensure that no viable UK export fails for lack of finance or insurance, while operating at no net cost to the taxpayer. UKEF helps UK exporters to:


• Win export contracts by providing attractive financing terms • Fulfil orders by supporting working capital loans or contract bonds • Get paid by insuring against buyer default


Energy Industries Council (EIC) – The EIC provides dedicated services to help their member companies understand, identify and pursue business opportunities globally.


Oil and Gas Authority (OGA) – The OGA has a role in promoting the UK supply chain and has developed its Supply Chain Delivery Programme. This has five key elements:


• Communicate supply chain capability and opportunities to a wide range of stakeholders • Encourage innovation in business models • Establish and promote mechanisms which reduce industry costs • Promote awareness of supply chain opportunities both internationally and domestically • Promote a compelling and prosperous supply chain and highlight attractive career paths


The Oil & Gas Technology Centre (OGTC) – Established in 2016 with funding from the Aberdeen City Region Deal, matched by industry, the goal of the OGTC is to help maximise economic recovery from the UK continental shelf, anchor the supply chain in the north east of Scotland, and create a culture of innovation in the region. 4.4 Delivery - Converting Vision 2035 to Reality Oil & Gas UK is working with the OGA and many government and industry bodies to help progress Vision 2035. In many ways the steps needed to drive production and support the supply chain are aligned, however, it is much easier to map the performance of the UKCS in terms of production than it is to track the growth in exports and diversification of the UK’s wider oil and gas supply chain. As a result, a delivery programme is being developed to monitor performance and identify the steps needed to boost the supply chain’s export capabilities and facilitate diversification. However, what is clear is that the industry’s workforce will be critical in achieving the aims of Vision 2035. In order to deliver a new generation of productive life to the basin it is estimated that, whilst the overall number of people employed by the industry will decline, a further 40,000 people will need to be recruited. A quarter of these new recruits will be in highly technical, data-literate roles and 10 per cent of the workforce could be performing roles that do not exist today. 22 It is therefore vital that the industry embraces the evolving skillset of the workforce as well as continuing investment in young talent. Industry must also recognise that there will be strong competition for access to the required skillsets – therefore it must position itself as being an attractive, dynamic and future-facing industry, which has a relevant role in the future, lower-carbon, energy mix.









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