The UK upstream sector suffered along with pretty much every producing country in 2015. But there were some silver linings among the clouds. Investment was down but not as much as was feared at the beginning of the year. M&A value traded was also surprisingly robust in a falling oil price year. Exploration and appraisal drilling did drop as expected but this matters less when the volumes discovered were higher than they have been in years. All of this was against the backdrop of some of the biggest tax and regulatory changes ever seen in the UKCS.