More new investment in oil and gas is expected in 2018 than in the last three years combined.
That’s according to a new report from Oil & Gas UK, which says between 12 and 16 oil and gas developments could get the go-ahead this year, unlocking a total investment of around £5 billion.
It suggests these projects could yield more than 450 million barrels of oil and gas over time, which would see production increase by 5%, a fifth higher than five years ago.
The trade body says although this is good news, it still falls short of the level required to sustain long-term production at current levels.
The study adds maximising the potential of existing fields is the key to sustaining production into the 2020s.
Deirdre Michie, Chief Executive of Oil & Gas UK, said: “Our sector is leaner, more efficient and more optimistic than it has been in recent years and 2018 looks set to be a better year.
“More projects are taking place and investment is happening because of the sweeping changes made to adapt to the challenging business climate.”