North Sea Rig In a crippling environment of low prices, the recent announcement from Statoil’s chief executive Eldar Saetre, that due to their cost saving measures, the Johan Sverdrup oil field will now have a break-even price of $25 per barrel, could perhaps provide a catalyst that can boost profitability for oil companies across the North Sea. North Sea oil revenue has badly suffered, with crude oil prices just over $45 per barrel, far removed from the over $100 per barrel that was the spot price as little as two years ago. In Scotland, official figures have recently revealed that income from oil has plummeted a whopping 96 percent, from £1.8 billion in the 2014-15 financial year to just £60 million in 2015-16. Statoil has achieved the $25 per barrel break-even price through a range of actions taken, including re-negotiations of contracts and broad collaboration on improvements. They also […]