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Bleak times for UK North Sea
Government consultations on the windfall tax and the exploration licence ban are positive steps, but it is unclear how long it will take for them to yield tangible outcomes
Sverdrup keeps on giving
Equinor and its partners at Norway’s largest oilfield have pulled the trigger on a fresh $1.3b investment that will maintain high output for longer
The death knell for UK energy security
The end of Grangemouth and Lindsey oil refineries marks a worrying trend across Europe amid cost and transition pressures
EU and UK look to security beyond gas
The scars of the Russia crisis have accelerated Europe’s push to wean itself off gas dependence as the growing globalisation of LNG becomes a double-edged sword
Can the UK take its foot off the gas?
While the government might complain about the vicissitudes of the international gas market, the UK's transition away from the fuel is fraught with challenges
Norway may have already reached peak oil supply
Castberg may not be enough to offset declines in other fields, while its vastly different quality has far-reaching implications for buyers
Hydrocarbon Processing Refining Databook 2025: Europe, Russia & CIS
EU net-zero polices have shifted refining investment among member states, while across the region countries and companies continue to adjust to changes in trade flows caused by the war in Ukraine
Outlook 2025: UK offers upstream opportunity as transition and policy evolve
The importance of the oil and gas sector to the UK and the value of its assets mean 2025 could offer new opportunities and a recovery in activity
Outlook 2025: A new era – how the UK offshore sector can lead in a competitive market
The government must take the opportunity to harness the sector’s immense potential to support the long-term development of the UK’s low-carbon sector
Outlook 2025: Navigating the windfall tax and the future of UK energy
Policymakers and stakeholders must work together to develop a stable and predictable fiscal regime that prioritises the country’s energy security and economy
Deep water Norway UK OMV
Jeremy Bowden
24 September 2018
Follow @PetroleumEcon
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Deep-water hopes still high in northwest Europe

Efficiency savings and the use of existing infrastructure mean deep-water prospects look more promising than they have done in recent years

Activity in the northwest European (NWE) deep-water sector is recovering in line with the global picture as crude prices rise and budgets pick up. Most NWE deep-water activity is near existing infrastructure, and the targets are generally smaller than elsewhere, especially in the UK's sector. Adam Wilson, senior global exploration analyst at Wood Mackenzie, says most of the NWE region doesn't quite qualify as deep water (over 400 metres) or ultra-deep water (1,500 metres): "Strictly speaking, NWE deep water is confined to West of Shetland (WoS) and a little bit in the Norwegian Sea. The Barents Sea is frontier continental shelf, but not really deep water, with not much over 400 metres." Wils

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