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« £1bn subsidy in energy capacity auction will boost coal and nuclear power | Main | Why climate change is forcing some environmentalists to back nuclear power »
Thursday
Dec182014

North Sea oilfields ‘near collapse’ after price nosedive

Warning over the future of North Sea oil comes as Iran and Saudi Arabia bicker over the falling price of crude

Photo courtesy of Oilrig-photos.com

The North Sea oil industry is “close to collapse”, an expert has warned, as a slump in prices piles pressure on drillers to cut back investing in the region.

Robin Allan, chairman of the independent explorers’ association Brindex, told the BBC that it is “almost impossible to make money” with the oil price below $60 per barrel.

“It’s a huge crisis. This has happened before, and the industry adapts, but the adaptation is one of slashing people, slashing projects and reducing costs,” he said.

Mr Allan’s glum outlook for oil production and exploration in the UK Continental Shelf came on a volatile day of trading for crude. Brent – a global pricing benchmark comprising crude from 15 North Sea fields – ended trading in London down 1pc at around $60 per barrel after trading up by as much as 3pc earlier in the session.


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