Sea of possibilities

Collaboration will be the key to maximising the North Sea's remaining potential

After decades of prosperity, oil and gas production is in decline in the North Sea and reserves will be depleted within a decade, according to a new report by Edinburgh University. This is despite a recent discovery by Statoil of around 25m recoverable barrels of oil close to the Scottish coast. It's not all doom and gloom however. The North Sea Opportunity, a report published by the Netherlands Committee of the World Energy Council, highlights that there are opportunities to cut the costs of decommissioning and even open up new markets including wind and biomass. "Oil and gas will continue to be an important source of energy for the foreseeable future," said Dr Uwe Franke, Chairman of the G