A Sea Change: The Future of the North Sea Oil & Gas

Credit: Alan McCrae, PwC

https://heystamford.com/writing/buy-a-definition-paper/8/ illustrative essay example cialis springfield thesis paper on social media help writing personal statement psychology thesis guide https://pharmacy.chsu.edu/pages/how-to-make-an-outline-for-a-report/45/ drink female viagra retino cream from india finance example resume enter site does viagra make you harder than cialis required medical checkup for viagra cheap generic viagra uk cheap problem solving proofreading site au how to write a why college essay video of viagra sex levitra palestine course work essay https://homemods.org/usc/merchant-of-venice-essay/46/ follow link write a piece academic writing research research paper for science projects https://heystamford.com/writing/purchase-mla-paper/8/ http://wnpv1440.com/teacher/example-of-rhetorical-analysis-essay/33/ https://www.medimobile.com/erectile/best-site-buy-viagra/92/ https://www.guidelines.org/blog/thesis-definition-examples/93/ follow link purchase a professionally written bio https://pharmacy.chsu.edu/pages/how-to-write-the-results-section-of-a-research-paper/45/ As one of the oldest producing hydrocarbon basins in the world, the North Sea has been a major contributor to European economies for fifty years, but what can we expect that contribution to be in thirty or fifty years’ time? What does the future of the North Sea hold?

The window of opportunity is now

Set against the backdrop of the Wood Review and “lower for longer” oil prices, the North Sea oil and gas industry is undergoing a significant period of change. And as the pressures to transition to a lower carbon world mount following the COP21 initiative, this may suggest the basin’s days are numbered. Or are they?

We interviewed more than 30 senior stakeholders from the UK, the Netherlands and Norway, across the value chain in the North Sea. This report is the culmination of their insights and views on the state of play in the North Sea, alongside some potential solutions for sustainable success.

The general consensus is that the North Sea does have a future. However, a number of fundamental issues will need to be addressed in the next 24 months if the basin is to avoid a rapid and premature decline.


The North Sea is an exciting prospect play with potentially 20-30bn boe of undiscovered resources – particularly West of Shetland, the Atlantic Margin and on the UKCS/NCS border;

Window of opportunity

Some say there are 24 months to turn around performance. Time is of the essence if a suite of solutions can be deployed to rescue the basin;

Report card

Significant progress has been made with the Wood Review, establishing the Oil and Gas Authority, the favourable changes in taxation – but there is more still to do;


This is important but not at any price. It has to be to the mutual benefit of all parties despite the ingrained culture of the basin;

Need for leadership

The basin needs new ideas. It needs disruption and change at the same time as recognising the benefit of the existing wisdom and experience ;

Cost efficiency

It’s agreed that it’s essential to attack the cost base of the North Sea. Cost efficiency needs to be embedded irrespective of the vagaries of the oil price;


M&A activity has stalled due to the decommissioning liability issue, unnecessary complexity and lack of funding. However, deals are going through with innovative solutions;

Low carbon

This wasn’t top of mind for UK industry participants as they focus on cost reduction. In contrast, the responses from the Netherlands reflected a sector already planning an expansion of renewables post decommissioning.

The Super Joint Venture

The Super JV is an idea – a prompt for the industry to consider innovative and collaborative ways of working which reduce risk and increase cost efficiency, with the aim of making late life assets more competitive.

This idea has been met with widespread interest in the industry, but also a general feeling that the mechanics might be unworkable. In this paper we set out seven key steps for the creation of such a vehicle whilst outlining the elements where industry needs to work together to create a solution.

It’s worth stating that the Super JV may be one of many options for improving execution and cost outcomes, not necessarily the answer. But it is worth exploring.

Oil Field Services: Emerging from a downturn

How will the oilfield service sector emerge from the crisis to position itself for future success in a new world?

Oscar Wilde once said, “We are all in the gutter, but some of us are looking at the stars.” And to some extent that sentiment must resonate with many oilfield service (OFS) companies. The past two years has been a torrid time for the sector.

Now there appears to be light at the end of the tunnel. With supply and demand seeking a gradual equilibrium, the oil price has recovered a little. Among some companies there is a growing confidence that perhaps we have reached the trough.