Investments in field development in the North sea in the current year can reach a maximum in 2013 of 5 billion pounds ($7 billion), according to the forecast of industry Association Oil & Gas UK.

It is expected that in the current year can be implemented up to 16 oil and gas projects in the region, so that the production volume will increase by 5% in oil equivalent.

Read the news also on the website “Energoinform”

One of the largest projects can become a work owned by Royal Dutch Shell field Pengiuns to the North-East of the Shetland Islands. The company received permission for the redevelopment of the Deposit at the beginning of the year, setting aside a record amount in six years.

Experts Oil & Gas UK note that companies were able to significantly cut costs in recent years, as falling oil prices forced them to engage more actively optimize operations. In particular, operating costs decreased by half in 2014 .

In 2017 free cash flow from all operations in the North sea amounted to 5.5 billion pounds.

It is expected that the revenues of great Britain from production in the region in the 2017-18 fiscal year, ending in March will amount to more than £ 1 billion. Last year the figure was zero.

The organization called for increased activity and investment in the North sea. “If we want to get closer to the goal of extracting from three to nine billion barrels of hydrocarbons, which are still on the British shelf, we need to intensify exploration works”, – said the head of Oil & Gas UK Diedra MiCHi.