How successful is Aberdeen’s industry in reinventing itself to the reality of a mature basin?
Tom: The UKCS’ evolution into a mature region has not been overnight; this has been a long process through which the industry itself has also evolved. As many issues related to maturity have emerged, we as an economy and industry have been building towards that position. In this regard, Aberdeen companies have developed the specific competencies, skills and capabilities for mature fields which can be applied in other ageing markets around the world. Indeed, one of the main trends over the last decade in Aberdeen’s oil and gas industry has been the internationalization of business. In particular, many companies in the region have specialized in subsea technology, creating what is arguably the world’s leading concentration of subsea engineering skills. Since the UKCS is a relatively high-cost basin, for a variety of reasons, it is essential that we focus on the high-end added-value segment of the industry. Rita: In fact, Aberdeen has been a knowledge-based economy for over 500 years, Abe
