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Impact of oil price on upstream investment, costs and production in the North Sea & Europe

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Report summary

Since the oil price crash there have been deep cuts in European capital expenditure with US$60 billion (30%) removed across 2016 2020. The vast majority of the cuts are in Norway with its many pre FID projects giving more scope to defer spend and optimise costs. In the ultra mature UK the focus has been on cutting opex to maintain critical infrastructure and production from onstream projects.

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    Impact of oil price on upstream investment, costs and production in the North Sea & Europe.pdf

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