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The North Sea could lose 150 platforms over 10 years

Industry stakeholders and analysts project a significant reduction in the number of platforms in the North Sea over the next ten years. Half of the next 25 years of decommissioning will take place between 2019 and 2026, writes BBC.

Photo: Øyvind Hagen - Statoil

150 platforms could disappear from the North Sea over the next ten years, and more than half of the decommissions over the next 25 years will take place between 2019 and 2026, notes analyst agency Douglas-Westwood according to the BBC.

This development will happen as a consequence of the low oil price, which makes the relatively costly production of North Sea oil unprofitable. For this reason, Douglas-Westwood estimates that many UK fields in the North Sea will cease to be viable to operate. This statement coincides with consultant firm Wood Mackenzie's assessment on Friday that every seventh barrel of oil which was extracted from the UK underground produced a cash loss under the current price of oil.

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