The oil price is struggling to stay above US$30/barrel, little more than a quarter of the price 18 months ago. Recent forecasts for the UK industry have become much gloomier as a result. As recently as three months ago, industry association Oil & Gas UK predicted 79 platforms would close by 2024. Several major consultancies have since suggested that it might be more like twice that. So how pessimistic is it reasonable to be?
Dark predictions about North Sea oil look all too believable
- BP Statistical Review of World Energy 2015
- Two-part energy economics event