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Guidance on procedures for independent valuation where necessary

The aim of this Technology Strategy is to createthe right set of conditions in the UKCS to: • Achieve MER UK objectives, • Grow exports of the UK-based supply chain and reduce imports • Set priorities • Promote innovation • Oversee industry efforts

Production Efficiency (PE) is a core element of the industry production optimisation and asset stewardship focus which is vital to maximising economic recovery from the UKCS

Operating costs (OPEX) in the United Kingdom Continental Shelf (UKCS) fell in 2016 in terms of both total OPEX and average unit operating cost (UOC), measured per barrel of oil equivalent (boe).

Production efficiency (PE) has risen for a fourth consecutive year, in 2016 it reached 73%, driving increased production in the United Kingdom Continental Shelf (UKCS)