The oil industry is expected to increase spending in the North Sea and the number of projects that could receive a greenlight is set to rise this year for the first time in half a decade. An estimated 12 to 16 green-and brown-field projects are expected to be sanctioned in 2018, according to a report from Oil & Gas UK . To put that in context, only 17 projects moved forward between 2014 and 2017, combined. That would translate into additional spending of about 5 billion pounds and the production of 450 million barrels of oil equivalent over time. As a result, revenues for oilfield service and supply chain companies will rise for the first time in years, the report predicts. More spending and drilling will ultimately mean more oil and gas production from the UK North Sea over the next two years, although the level of spending and […]