International income will account for about 44% of UK Oil firms’ annual turnover.
According to a survey of 100 UK oil and gas companies conducted by the Bank of Scotland, a growing number of firms are looking to expand their international operations.
Of the 100 companies surveyed, 64 cited overseas expansion as their top priority for the next two years. Africa was the primary target for 21 of the firms surveyed, while 18 named the Middle East as their main destination. These expansion plans have also been fueled by concerns of declining output and investment in exploration of the North Sea in the coming decades.
UK Oil companies already have a presence in the Middle East with BP being the largest company operating in the region. With over 100 years working in the Middle East, the company runs fuels marketing and trading businesses and produces around 235,000 barrels of oil per day.
Last week, UK IOC, Genel Energy, together with White Rose Energy Ventures acquired a 15% working interests in Blocks 38 and 39 offshore Angola.
“This transaction provides a rare opportunity to enter into a low risk, multi-billion barrel resource play,” said Genel Energy CEO Tony Hayward. “It fits with our stated strategy of securing high quality exploration opportunities targeting very material resources, and further enhances the opportunity to add significant shareholder value through the drill bit in Africa.
