North Sea Decisions
The combination of high oil prices and the need to find alternatives to Russian crude has led to renewed interest in North Sea oil from politicians and industry alike. Previously, many had written off the North Sea's future as a major producing region given declining UK output due to rising costs, decarbonisation pressure and low oil prices during the pandemic. However, recent events may have thrown the basin a potential lifeline. If the North Sea can take advantage of higher oil prices and political support, it can develop and evolve itself into a more prominent position in lower carbon oil production as Europe reconciles its future need for oil alongside secure energy supplies over the longer term.
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