Seismic reflections: North Sea resurgence

It looks as if things may be starting to turn around for the North Sea after the lows of 2011. Last year saw the lowest exploration in the region for many decades and a hike in the marginal tax rate that together left many concerned that a downward trend was being established for the area. In recent weeks, however, a different story appears to be emerging with majors and medium-size companies alike announcing plans to significantly invest in older fields, while independents are well represented in the 27th offshore licensing round awards.

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