A dramatic drop in the price of oil, from $115/barrel in June 2014 to a low of less than $30/barrel in early 2016, had serious consequences for the UK offshore oil and gas industry. Exploration and development of wells, investment and jobs were all badly hit. With the recovery of the price of Brent Crude last year, on the way to over $70/barrel in January and the current price of around $65/barrel, and following successful efforts to bring production costs down, there are signs of renewed confidence.
Read the rest of the article by David Fowler for ‘The Engineer’… HERE
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