The oil price drop in 2014 was a major reality check for the North Sea. But by some measures at least, the industry has reacted remarkably well. Country level opex per barrel has dropped 40% in the UK and 30% in Norway. Capex per barrel has reduced by up to 50% in some pre-FID projects. Operators have achieved savings through a combination of supply chain deflation, project optimisation and efficiencies. This report addresses how much can be sustained as oil prices and activity rise.