The profitability of the North Sea has hit a 20-year low according to new data released by the UK Government.
The numbers of explorers who are active in the UKCS (UK Continental Shelf) is said to have dropped from 2% in the third quarter of 2015, to 0.6% in the final part of the year.
The findings, from the ONS (Office of National Statistics), show the rate of return in North Sea oil was 3.5% – the lowest since recordings of this kind began in 1997.
The rate of return from North Sea oil was shown to be 3.5%, the lowest since the ONS series was launched.
The ONS said: “This is the lowest quarterly figure since the series began in 1997 and reflects falling oil and gas prices, which failed to be offset by increased quarter-on-quarter sales.
“This is 0.5 percentage points higher than in 2014 and the highest annual rate since 1998.”
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