Offshore fog
Bloated costs and falling profits threaten the future of North Sea oil
WHEN the North Sea oil- and gasfields were booming, inefficiencies mushroomed. Now, times are tough—and it may be too late for belt-tightening. The offshore industry, particularly the British bit of it, is squeezed between a lower oil price, stubbornly high costs, an ageing infrastructure and a looming bill of many billions of dollars for decommissioning old platforms.
This article appeared in the Business section of the print edition under the headline “Offshore fog”
From the May 30th 2015 edition
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