Despite gloom, North Sea exploration excites some

摘要

London—Oil companies are hardly flocking to explore UK waters, but some reason that the current industry slump is the right time for a bold approach. For the last few years the industry has been worrying about a drop in UK exploration drilling and discoveries, especially by comparison with Norway. Lobby group Oil and Gas UK said exploration activity had “collapsed” in its last activity survey, yielding just 50 million barrels of oil equivalent in reserves last year, and blamed high costs and lack of access to finance.