Uncertain times ahead for North Sea E&P

摘要

A new report from Subsea UK has revealed that offshore oil and gas activity in mature provinces such as the North Sea is more at risk than deep-water areas like West Africa in the current economic downturn. The outlook for 2009 has become more uncertain as announcements of capital expenditure decreases filter through from exploration and production companies globally. Expectations are that offshore activity will be adversely affected, particularly in regions where production is mature and investment costs are high. The deepwater markets, however, seem to be more insulated from what may be a short- to medium-term reduction in upstream investment as projects in these areas are often larger and planned on longer term, more conservative oil price assumptions,' said Alistair Birnie, Chief Executive of Subsea UK.