New report projects bleak future for the North Sea

According to a new report from Oil & Gas UK, investments in the North Sea will be drastically reduced over the coming two years due to the drop in oil prices.

Photo: PR-foto: Statoil

The low oil price means that total capital investment in the North Sea will be halved within two years, warns a new report from Oil & Gas UK, published Wednesday, according to the Financial Times.

The total investments will decline between GBP 2 to 4 billion per year ahead of 2017. Simultaneously, capital flows to new oil fields in the North Sea will fall to around GBP 3 billion per year in comparison to nearly GBP 10 billion annually between 2011 and 2013, concludes the report.

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