So-so future for British North Sea

18 Jan 2017   United Kingdom

Oil and natural gas activity off the British coast should wax and wane in the short-term after one of the industry’s worst years, Wood Mackenzie finds. Lower crude oil prices and an uncertain economic future in the wake of last year’s vote to leave the European Union put the British offshore oil and gas industry in “full survival mode,” according to a report from Wood Mackenzie. Fiona Legate, a senior analyst with the group, said in a statement that capital investments offshore last year declined 20 percent to just over $10 billion, a figure reflected in a lower appetite for new assessments offshore. That, however, masks otherwise upbeat performances. “Exploration and appraisal drilling hit a 50-year low in 2016, but despite this […]

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