A permanent feature of the West of Shetland for many years, the Foinaven vessel recently left the namesake BP field for the last time.
With Serica Energy looking outside of the UK North Sea for M&A deals and Taqa deciding to hold onto its UK assets, what are the implications for the market?
A leading analyst says the North Sea “could do with another Buzzard” to offset production decline and plug the import gap.
Firms won’t be rushing into deals or investment off the back of higher oil and gas prices – the boom may even be stalling such activity in the North Sea, according to top analysts.
Shell’s shock decision to back out of the contentious Cambo field caps a tough few months for the oil giant, as far as the North Sea goes.
The decision by Shell not to invest in the Cambo project has been deemed a “huge blow” for the UK industry and the potential for emissions-busting technology in the West of Shetland.
The decommissioning bill for NEO Energy’s newly-acquired Exxon Mobil assets in the UK has been estimated at $1.1billion (£795m).