UK warned on exploration decline
The country’s watchdog isn’t happy after just four exploration wells were drilled last year
The head of the UK's oil and gas industry watchdog has urged operators to "use it or lose it" as a report last week revealed that oil and gas exploration in the UK North Sea has fallen to historic lows. Andy Samuel, chief executive of the Oil and Gas Authority (OGA), urged operators to explore and exploit their North Sea licenses or have them revoked. The 2018 Economic Report on the sector showed that years of cost control by operators and the supply chain in the wake of the oil price crash meant new North Sea investments should break even at $40-$50/boe. However, operators have been reluctant to try find new hydrocarbon reservoirs. The report, by trade body Oil & Gas UK (O&GUK), fou
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