UK INVESTMENT DOWN 90%
Sparking fears for the long-term future of the industry, the UK upstream segment is expected to approve fewer than £1 billion in spending on new North Sea projects compared with an average of £8 billion/year over the past 5 years, according to Oil & Gas UK's 2016 Activity Survey published Feb. 23.
The report on the activities of exploration and production companies operating in the UK Continental Shelf (UKCS) charts the industry's progress in the pursuit of competitiveness.
It reveals that while the industry's drive to improve efficiency, reduce operating costs, and increase production has had marked success,…
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