The leading representative body for the UK’s offshore oil and gas industry has welcomed news INEOS is to invest £500m (AU$920 million) in the Forties Pipeline System as a vote of confidence in the future potential of the industry.
INEOS said that the investment will transform the asset and extend the life of the pipeline by at least 20 years.
Commenting, Oil & Gas UK upstream policy director Mike Tholen said: “Investment of this scale in the Forties pipeline system is a vote of confidence in the future potential of the UK North Sea.
“The rejuvenation of this critical infrastructure, embedded at the heart of industry for nearly 40 years, strengthens our aim to add another generation of productive life to the basin outlined in Vision 2035.
“The modernisation programme will provide operators with a greater degree of certainty when making investment decisions about the future development plans for their assets.”