North Sea Oil Industry Risks Collapse

North Sea Oil Industry Risks Collapse

The North Sea oil industry is at “serious and urgent risk” of being abandoned, as major energy firms put off projects due to the oil price slump, according to the UK's Oil and Gas Authority. Energy companies operating in the area should join forces to become more efficient and to fundamentally change some of their working practices to sustain the industry, the head of OGA, Andy Samuel, said on Monday, RT reported. Samuel, who is in charge of reviving the sector, warned of a possible “domino effect,” when one company leaves an area of the North Sea and others have to share more of the cost of maintaining infrastructure. The region's oil industry has been hit hard, as crude prices plunged more than 50% since last June. From January to March this year, government revenues plunged 75% to $256 million (£168 million), with more than 5,000 jobs lost in the sector, according to OGA.


Short URL : https://goo.gl/X7jDrc
  1. https://goo.gl/gJ05f4
  • https://goo.gl/wCwiD5
  • https://goo.gl/gFn2Wf
  • https://goo.gl/Tm2twe
  • https://goo.gl/kbPBWc

You can also read ...

Russia Says US Sanctions on Iran "Unproductive"
United States' sanctions on Iran's oil industry are...
China to Cut Solar, Wind Subsidies
China will speed up efforts to ensure its wind and solar power...
Oil Coalition Seeks Consensus Ahead of Algiers Summit
With a critical meeting in Algiers fast approaching, a...
Abu Dhabi Planning Biggest Oil  IPO in Decade
Abu Dhabi is pushing ahead with an initial public offering for...
Crude Prises Higher as Supply Concerns Rise
Oil prices rose on Monday as investors worried about the...
New Power Capacity for Sistan-Baluchestan
Operations to build new combined-cycle power plants in...
Abadan  Refinery  Second Phase  on Track
The second development phase of Abadan Oil Refinery in...
ICOFC to Develop  Eight Gas Fields
Iranian Central Oil Fields Company plans to develop eight gas...