Confidence in the outlook for the UK oil and gas sector has increased almost fourfold in two years, an industry survey found.
About two-thirds (68%) of companies plan to increase or maintain capital expenditure in 2019, more than double 2017’s figure of 33% according to an outlook report by DNV GL.
The risk assessment firm, a technical adviser to the industry, said the proportion who expect to raise or sustain operating expenditure has grown from 37% in 2017 to 72% for 2019.
Union Jack Oil (LON:UJO), The directors believe that significant opportunities exist to invest in, or acquire, a company or companies or businesses or assets in the hydrocarbon sector.
The investment strategy will have a heavy emphasis on acquiring late stage exploration projects where planning consent has been approved for drilling wells and to acquire minority production working interests onshore and/or offshore in the UK.
