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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
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
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
Letter from London: Beware false prophets
The oil and gas sector’s renewed upstream activity stands in marked contrast to just a few years ago, highlighting that the market does indeed cycle
UK-listed Pharos to ramp up Egyptian activities
Cairo’s currency problems have hindered investment, but Pharos sees considerable potential as Egypt emerges from crisis
UK North Sea
Daniel Slater
30 December 2020
Follow @PetroleumEcon
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Relatively bright future for the North Sea

The basin may never recapture its glory days, but 2021 should still see players extracting significant value

The UK North Sea continues to be a question of relatives versus absolutes. It is well known that oil and gas production has declined since the highs seen around 2000, but overall growth has not been the focus in the region for years. What we are seeing more and more are companies making the most of what there already is in this material global producing basin, through existing fields and infrastructure being kept in production via efficiencies and tie-backs, near-field exploration to help facilitate this, and ownership changes to see the right assets increasingly in the right hands. While 2020 has been a challenging year for operators, it has not altered the impact of these themes, although

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