Use it or lose it, says CEO
Posted: 01 March 2006
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The UK oil industry has been warned that it must use its sub-sea capability more thoroughly or lose it to other oil provinces of the world.
 As the current world leader in the sub-sea sector, Ciaran O’Donnell, CEO of CSL the Aberdeen , Scotland , based sub-sea specialists, reckons the UK must act swiftly to maintain its position.
“We mustn’t lose sight of the fact that we are in constant competition with the other oil and gas provinces of the world, when it comes to securing the services of both people and equipment to bring our projects onstream,” he said.
The UK sub-sea sector employs around 27,000 people and generates about $4.5 billion per annum, with half of this exported outside of the UK and the prediction is for the sector to generate a turnover of $18 billion in four years.
But O’Donnell added: “The share of the cake taken by the rest of the world is growing and the resources are shifting out of the UK to both shallow water and deep water developments.”
Posted by Editor Offshore Arabia Magazine
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