Oil and Gas UK predicts that North Sea exploration will pick up this year; with 37 exploration wells planned.
Just 26 such wells were drilled last year, according to the report.
The paper also outlines the huge investment which will be required to the UK continental shelf’s (UKCS) aging infrastructure.
Some 475 installations, 6,200 miles of pipelines, 15 onshore terminals and 5,000 wells will have to be dismantled.
Decommissioning expenditure was around £500million last year and is likely to rise to between £800million and £1billion a year during the rest of the decade.
Between now and 2040, that spending will top £31billion what already exists. New assets yet to be built will add £3,5billion to that bill.
It also reveals operators spent £7.7billion recovering oil and gas from UK waters last year; £13.50 per barrel.
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