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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
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
North Sea production to see minor boost
Taxation strategies in UK and Norway to continue to play important role for a region in which significant volumes of medium sour have offset the loss of similar quality Russian barrels and balanced the influx of US light sweet grades
Time running out for UK North Sea
Smaller projects provide opportunities, but basin maturity and policy shifts amid political uncertainty signal a significant decline by the end of the decade
Letter from the UK: A positive legacy for OPEC?
Oil producer group could spearhead the shift to cleaner energy in member countries and be part of transition solution
EnergyPathways advances UK Irish Sea ambitions
The AIM-listed firm sees its gas plans as meshing with UK energy transition goals
BP's Deepsea Aberdeen semi-submersible rig
UK North Sea
David Moseley
John Corr
27 January 2022
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Challenges aplenty but opportunity remains for UKCS

There is life in the old North Sea dog yet

The UK continental shelf (UKCS) will, despite its maturity, remain an important region in the global oil and gas sector. It is a key provider of benchmark crude in Europe and has both a relatively stable fiscal regime and a diverse and dynamic corporate landscape—supporting high levels of M&A activity, with recent growth from independents facilitating portfolio rationalisation by large IOCs. Production from the UKCS peaked at the turn of the millennium at 5.4mn bl/d oe, before falling by 65pc, to 1.9mn bl/d oe, in just 12 years. A raft of field allowances introduced by the UK government in 2012 contributed to several >100mn bl oe projects being sanctioned, including TotalEnergies’ Lag

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