Has the North Sea enetered a late-life crisis?
Each oil price crash has brought with it talks of decommissioning, and of bringing down the curtain on North Sea production once and for all. Despite this grim outlook, caution must be taken not to tarnish the whole region with a single brush.
The outlooks for the UK and for Norway differ quite substantially. At present, both countries are benefiting from the fruits of several years of high and stable prices, which filled producers with a false sense of confidence, allowing them to chase projects at seemingly any cost. However, one year of low oil prices has transformed the outlook. ….