Economics
U.K. North Sea Drilling at 40-Year Low, Risking Growth Goals
- Lack of new wells could leave large reserves untouched: report
- Brexit adds to uncertainty; could cost GBP 500 million a year
Photographer: Simon Dawson/Bloomberg
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The oil business has mostly recovered from a worst-in-a-generation crude price slump, but not everyone is celebrating.
The U.K. North Sea is on track this year to have the fewest exploration, appraisal and development wells since 1973, according to a report from Oil & Gas UK, a trade group. Drilling dropped to four-decade lows both last year and in 2016 as companies cut spending to cope with falling oil prices.