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What can the UK oil and gas industry learn from its US counterpart?

How the oil and gas industries support the UK economy

Throughout the summer, reports emerging from America suggest that the region is turning into an oil and gas powerhouse.

In light of these revelations, the UK industry could learn a lot from elsewhere to ensure that it remains firmly at the head of the chasing pack.

New techniques and the development of hydraulic fracturing have led to a surge in production levels, leading oil-producing countries to take note.

For instance, Mexico has large reserves of both oil and gas but lacks the technology to develop crude oil or shale gas.

At present, the country is said to be considering reforms that would allow foreign companies to partner with the state owned oil-company, Pemex, to change this.

Should this occur, it is anticipated that the US will be first on the scene to provide support.

The UK meanwhile already has a strong foundation in the North Sea area for oil and gas development, but expanding into other European countries could be an option.

Many exploratory companies are based in Britain and recent technological advances, such as the development of Tracerco’s Discovery subsea machine have taken place in the UK.

That would suggest therefore that the sector is well placed as far as product development is concerned.

In the US, the oil and gas industry has had a massive impact on unemployment rates, with states with resource extraction well below the national average. Jobs in these areas are snapped up seconds after becoming available.

While the UK does not extract directly on-shore, there is a possibility of reducing the unemployment rate by encouraging people into the oil and gas sectors.

Similar tactics to those used in America could potentially drive down unemployment while benefitting the gas and oil sector at the same time.

An acceptance of hydraulic fracturing has also driven the American market, as the Environmental Protection Agency continues to study the effects of hydraulic fracturing on water contamination and other reported environmental impacts.

Should hydraulic fracturing become accepted in the UK it could drive the market here as well, although there is a lot of negative media to be overcome first.

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