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North Sea Field Shutdowns to Climb as Brexit Deepens Oil Gloom

  • Crude crash boosts field decommissioning, consultants say
  • Brexit adds uncertainty to investment environment in North Sea
Bloomberg business news

Oil's Price Momentum Fizzles on Waning Global Demand

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The pace of North Sea oil-field shutdowns is picking up as the impact of the market slump is compounded by the uncertain investment environment created by Brexit.

Projected spending on decommissioning in the British sector in the decade to 2024 has risen to 16.9 billion pounds ($22.2 billion), according to Oil & Gas U.K., an industry group. That’s 16 percent higher than a 10-year forecast in 2014 as more sites are targeted for closing, it said.