Why is North Sea oil facing its biggest crisis in a generation? The downturn has cost 70,000 people their jobs and forced the industry to take drastic steps. Extreme Weather Kills North Sea Oil Rig Worker Three other oil fields evacuated after barge set adrift by storms. A fierce storm in the North Sea forced oil firms to evacuate platforms and shut down production on Thursday on concerns that they could be hit by a drifting barge. North Sea Shipbrokers. In Shipping since 1975 North Sea Shipbrokers commitment to innovate the industry with technology and new concepts has made us the. Offshore Magazine- North Sea-Europe oil reports covering offshore oil drilling, exploration and development.
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A giant catamaran strong enough to lift four Eiffel Towers will set off from a South Korean shipyard next year with the task of decommissioning North Sea oil rigs - a. The North Sea is a marginal sea of the Atlantic Ocean located between Great Britain, Scandinavia, Germany, the Netherlands, Belgium, and France. An epeiric (or 'shelf.
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Why is North Sea oil facing its biggest crisis in a generation? Cromarty Firth: Oil rigs stacked as result of downturn. В© HEMEDIA / SWNS Group. When the Queen opened the UK's first oil and gas pipeline four decades ago, the North Sea looked like a well that would never run dry.
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- A fierce storm in the North Sea forced oil firms to evacuate rigs and stop production, with drilling installations under threat from a drifting barge.
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The first fields had been drilled a decade earlier and the industry boomed as giants like BP and Shell rushed to stake their claim. Production and profits rose steadily during the seventies, transforming Aberdeen into a bustling oil city. Arab sheiks and Texans in ten- gallon hats walked the streets with men in boiler suits back from a two- week stretch in the North Sea, where over 1. The price of oil more than doubled when the second energy crisis hit in the late seventies and by the early eighties the UK was exporting more oil than it was importing. But over the next decade, production slowed and peaked at 1. The amount of oil extracted from the North Sea has since fallen dramatically - dropping to 3. The price of a barrel of Brent Crude more than halved from a June 2.
The downturn has cost more than 7. UK and forced the industry to take drastic steps to stay afloat despite a small improvement in recent months. But why is the oil industry facing its worst crisis in a generation? A combination of problems have contributed to the sector's woes in the last two years, from a difficult relationship with the Organization of the Petroleum Exporting Countries (Opec) to Iranian nuclear deals.
Why is the price of oil so low? As UK oil production has fallen over the last 1. America has seen a boom in shale oil and gas production - better known as "fracking" - and as US production has increased, it has exported more and imported less. Weak demand from top consumers like China and America has caused a global oversupply which has driven down the price of oil. Saudi Arabia- dominated oil cartel Opec has resisted pleas to enforce a drop in production and push the price up.
Its members control around 4. United Arab Emirates, Libya, Iraq, Iran, Qatar, Nigeria and Venezuela. The decision to lift sanctions on Iran after it agreed to limit its nuclear programme means another 3. Who has benefited from the slump? While the North Sea suffers, motorists are paying less at the pumps. The cost of petrol and diesel has fallen over the last year - hovering at around ВЈ1 a litre - but the value of oil is only one factor in the price of fuel.
Tax and VAT are responsible for the biggest chunk of what you pay for a tank of petrol (around 6. Oil companies have also used the downturn as an opportunity to tighten their belts and prepare for the future. The "North Sea bubble" responsible for making Aberdeen the most well- paid place to work in the UK outside London while pushing up house prices to the highest level in Scotland is ready to burst. Reductions in pay, hours and jobs have helped oil and gas companies stay profitable but have cost thousands of workers their livelihoods. Critics argue that the industry is cutting deeper than necessary.
Who has lost out in the downturn? Industry body Oil and Gas UK believes as many as 6. UK oil sector between January 2. September 2. 01. 5 and thousands more are likely to be made redundant in the near future. Contractors - oil workers on temporary deals who are often paid higher wages than staff - have been worst hit. Other industries have also felt the pinch. Fewer people are staying in the Aberdeen's hotels and the number of travellers passing through its airport - which boasts the busiest civilian heliport in the world thanks to the oil industry - has fallen by 7% over the last year.
Taxi drivers say business is down by a third and cafes have been forced to cut their opening hours to stay open. What does the future hold for the North Sea? Despite the slump, the oil and gas industry is still worth around ВЈ4. UK every year. Oil and Gas UK believes 2. North Sea production for 1. Golden Eagle oil field contributing an extra 1. But the cost of extracting oil is rising and the prospect of having to decommission ageing offshore facilities - some of the oldest platforms are now 4.
North Sea. Offshore exploration is expected to fall to its lowest levels since the seventies over the next three years as investment falls by up to ВЈ1. Oil and Gas UK has predicted. Cutbacks are likely to save the industry ВЈ2bn by the end of 2.
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