Oil and gas independent Talisman Energy said today its North Sea production fell short of expectations last year.
"It's an exciting time. With growing emphasis on subsea-based production . . . currently around 40% (in the North Sea) but predicted to reach 70%, the message we're receiving from subsea firms is that their order books are looking very good for the next couple of years."
Energy Minister Charles Hendry said on a visit to Aberdeen that the UK North Sea had seen a record volume of project approvals and spending this year.
US oil and gas group ConocoPhillips said today the UK Government's North Sea tax grab had cost it an additional £68million in taxes.
TALISMAN Energy reported increased profits but revised down its annual production estimate yesterday as it revealed the UK North Sea tax rise would cost it £25million.