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Why North Sea is crisis for UK

2015-01-05 08:58:45       source:For Argyll

January 4, 2015

"A big part of the economic landscape of 2015–and onwards - is the sharp fall in the price of oil, threatening continuing production in the North Sea, employment and state revenues. This will be the case for an unpredictable number of years but carries the possibility of being the end of the line for the North Sea as a producing industry.

Industry confidence is described as being at a six year low. Some informed predictions give the North Sea two decades to dead.

If and when that happens, oil and gas production in the North Sea will be replaced by a new industry there that will last for around 40 years and will have progressively marketable expertise and skills. This will be the decommissioning industry which will largely be based in Aberdeen and which will have entirely new challenges to confront and solutions to develop."

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