UK Upstream - 2014 in review and what to look for in 2015
2014 was a challenging year for the UKCS despite booming investment and the stabilising of production. More scrutiny on capital allocation, along with poor exploration results reinforced concerns over the future health of the UKCS. Although 2014 events had the potential to make it a game-changing year, the impact has yet to be felt. Further spending cuts and a prolonged lower oil price means industry must now work with Treasury and the new OGA to translate improvement strategies into reality.