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The oil and gas industry's future potential was recognized at the Offshore Europe Conference and Exhibition which closed on Friday in Aberdeen city in northeastern Scotland.

On the theme of "The Next 50 Years", Malcolm Webb, chairman of this year's conference and Oil & Gas UK's chief executive, described it as an appropriate title for the conference, which means "not the final 50 years, not the second half, but the next 50 years."

Webb said that the industrial strategy for oil and gas aims to secure growth in the sector over the long-term and points to the vital importance of developing and implementing new technology through the supply chain.

British Chancellor of the Exchequer George Osborne recognized the vital role the oil and gas industry plays in the British economy and will continue to play for many many years to come.

"I also recognize that the oil and gas remaining in the U.K. Continental Shelf will be increasingly difficult and more expensive to extract," said Osborne at the opening plenary session on Tuesday, calling for mobilization of all the U.K. resources to support the industry and maximize the returns.

Meanwhile, industry experts also tackled the industry's challenges and opportunities of financing investments and technology imperative.

More than 1,500 exhibitors with around 50,000 delegates gathered at the Aberdeen Exhibition and Conference Center, including senior representatives from the global industry, the British and international governments and academia who came together to lead the debates during the four-day conference.

The exhibition runs alongside a conference with 11 keynote sessions, over 100 technical papers and ePosters, and daily breakfast briefings and topical luncheons.

Organized by the Society of Petroleum Engineers (SPE), this year's event attracted a large international exhibitor presence with participating companies from 37 countries and regions and 33 international pavilions, said the official press release.