Nordea: Increased oil price will not save the North Sea

There is no prospect of the increase in oil prices being able to save the unprofitable production of oil in the North Sea, says oil analyst at Nordea, Thina Saltvedt. She believes there is only one option for the industry to recover.

With the current oil price, very few fields on the Norwegian Shelf are actually profitable, and there is not a lot to indicate that the oil price will go up any time soon. This is the assessment from Thina Saltvedt, oil analyst at Nordea, who also highlights that expenses must be cut further instead.

"The oil companies will not start projects which are not lucrative, so for the Norwegian players, it is entirely decisive that costs are lowered," she tells ShippingWatch.

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