UK North Sea Investment Crashes To 50-Year Low ...Middle East

OILPRICE - Economy
UK North Sea Investment Crashes To 50-Year Low
source : OILPRICE ( Middle East ) () 6
Due to the pandemic-driven collapse in oil prices, capital investment in the UK North Sea plunged by one-third in 2020 to the lowest level since 1973, offshore industry body OGUK said in its Economic Report 2021 published on Wednesday. As a result of COVID, reduced global oil demand, reduced capital budgets, and lower project timeline visibility, capital investment in the UK Continental Shelf fell to just US$5 billion (£3.7 billion) last year, compared to US$7.6 billion (£5.5 billion) in 2019, OGUK said. The one-third annual decline…

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