Leading oil industry expert Sir Ian Wood said the current downturn could present an opportunity for the industry to “get leaner”.
The North-east entrepreneur said he could see the cost of a barrel of oil returning to between $90 or $100 – but said he wouldn’t want it to go any higher – describing it as a “good balance”.
It comes after Robin Allan, chairman of the independent explorers’ association Brindex, claimed the industry was “close to collapse”.
In an interview with Energy Voice, Sir Ian spoke about the challenges the industry faces, the cut in contractor rates and the future of the North Sea.
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