The boss of North Sea giant BP yesterday pledged to continue investment and exploration in the region but warned that “the worse may not be behind us yet”.
North Sea operators have been have been losing money for the past four years - since before the oil price crash, according to the annual economic report for 2016 by trade body Oil and Gas UK (OGUK).
Investment in the North Sea could be boosted if “constructive work” on decommissioning tax relief is aimed at enabling the sale of older assets to take place.
With oil prices continuing to hover below $50 a barrel, the release today of Oil & Gas UK’s 2016 Economic Report, has served to remind us of the significant challenges currently facing the UK North Sea.
