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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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