Seismic reflections: What’s next for UK North Sea?

The annual Oil & Gas UK Economic Report highlights the difficulties that the UK North Sea is facing in attracting investment and staving off production declines. In 2011, the UK produced 19% less oil and gas than in 2010, a significantly larger decline than its 7.5% recent trends. Exploration wells drilled were at the lowest levels since at least 2002 and, while forecasts suggest an increase in 2012-14, production is unlikely to be above 2011 levels. The industry faces an uphill battle to keep production levels steady.

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