Since the beginning of May, my thoughts have been drawn to the northern most isles of Scotland, where my mother has been staying. Between photographing otters and gannets on her wildlife photography trip (bear with me here), she has also been spotting various North Sea offshore infrastructure and sending me pictures. She has seen numerous oil rigs – including Dana Petroleum’s Western Isles cylindrical FPSO – that are moored up at repair hubs awaiting maintenance, refurbishment, or deployment into the North Sea.
Scotland’s offshore oil and gas industry, centred largely in the North Sea and the Atlantic West of Shetland, contributes a huge amount to not only the Scottish economy, but the UK economy as a whole. However, it is a highly politicised sector due to the UK’s energy transition and decarbonisation goals. In 2024, oil and gas production reached a record low for the 21,sup>st century – 75% below its peak in 1999. It is also predicted that between 2025 and 2030, O&G production will decline by 7 - 11%.1 This decline subsequently leads to a greater pressure on imports to the UK, as well as renewable forms of energy, to sustain the same level of energy security.
The question of energy security has quickly come to the forefront of UK political debate, and has also gained significant attention globally, in the wake of the rising conflict in the Middle East and the uncertainty of fuel supply travelling through the Strait of Hormuz. Noticeably, we have seen a steep surge in fuel prices – I live in the UK, in a house heated by oil, and what once cost £300 for a full tank, quickly rose to £800+ almost overnight. There is certainly no denying the volatility of fuel prices considering that Brent crude prices skyrocketed to US$126/bbl before falling again – the highest since the Russia/Ukraine conflict began in 2022.2 Moreover, analysts suggest that for every US$10.00 (£7.53) increase in the price of oil per barrel, it adds approximately £0.07/l to the price at the pump for the consumer.3 And this is hitting both industry and consumers hard this year.
Too add fuel to this fire, no pun intended, O&G company 1Q26 financial results have been increasingly lucrative. Reuters reported that Shell profited US$6.9 billion (it’s highest in two years),4 whilst bp’s profits more than doubled in the first three months of the year, to reach US$3.2 billion.5 The suggestion of profiteering during a global conflict has certainly stirred up conversation when it comes to fuel prices, the cost of living, and energy security on a national level. Furthermore, amongst some countries (the UK included), it has created a sentiment of urgency to be more self-sufficient as individual nations regarding fuel and energy supply, bringing back UK North Sea assets back into the spotlight once again. This has been recognised by the UK government on 26 November, 2025, when they set out the North Sea Future Plan to build a prosperous and sustainable future for its communities, workers, businesses, and supply chains.6
As we reach the midpoint of 2026, this issue of Oilfield Technology has articles covering a range of different topics mentioned in this comment, including keynote articles on the energy transition from ABS Consulting (p. 6) and Global Underwater Hub (p. 10), as well as features on digitalisation and automation, well cementing, and production monitoring and flow control.
- “The Future of Scotland’s Oil and Gas Industry”, Published 24 October 2025. https://publications.parliament.uk/pa/cm5901/cmselect/cmscotaf/459/report.html#footnote-297
- “Oil price hits highest since 2022 after report Trump to be briefed on new Iran options”, BBC News, 30 April 2026. https://www.bbc.co.uk/news/articles/cx21m88rd14o
- “What’s happening to UK petrol and diesel prices?” BBC News, 2 March 2026 (Edited 20 May 2026). https://www.bbc.co.uk/news/articles/c20zgjzz0e4o
- “Shell’s profit beats expectations at US$6.9 billion, raises dividend by 5%”, Reuters, 7 May 2026. https://www.reuters.com/business/energy/shells-profit-beats-expectations-69-billion-2026-05-07/
- “BP profits more than double as Iran war sends oil prices higher”, BBC News, 28 April 2026. https://www.bbc.co.uk/news/articles/c2eveyvgn9no
- “North Sea Future Plan for fair, managed, and prosperous transition”, Published 26 November 2025. https://www.gov.uk/government/news/north-sea-future-plan-for-fair-managed-and-prosperous-transition
