UK North Sea Enters Deep Spending Slump

摘要

After four years of record capital investment, spending across the UK Continental Shelf (UKCS) is on a downward spiral and could plummet from a peak of ￡14.8 billion ($22.7 billion) in 2014 to as little as ￡2 billion by 2017. In its annual 2015 economic report, published Wednesday, industry body Oil & Gas UK (OGUK) sees investment falling sharply this year to ￡10 billion-￡11 billion. And with exploration at its lowest level since the 1970s and few new projects on the horizon for sanction and development, capital spending could slide by between ￡2 billion and ￡4 billion a year over the next three years.