Judging by the competition for licences in the most recent round of bidding, there is still a great deal of commercial interest in extracting North Sea oil. In this round, 80% of the blocks have been taken by a wide range of companies from the large such as BP and Statoil as well as smaller emerging companies like Aberdeen-based Speedwell, Actis and Jetex
‘Industry expert’ Paul de Leeuw from Robert Gordon University has said:
‘Over the last few years, the industry has been predominantly focused on reducing cost and improving efficiency,…So it is great to see that there is a renewed appetite for competing in licencing rounds….Given the challenging circumstances over the last few years and the competition with other basins around the world, it is very positive that around 80% of the blocks on offer were awarded in this supplemental round.
This would seem to contradict the words of Nexen UK boss who recently described North Sea Oil as ‘marginal industry.’