The twin effects of less activity and cost deflation will mean that UK capital investment will continue to decline in 2016, falling by around 25%. We only expect three project sanctions, but progress will be made on vital new developments such as Kraken Area and Culzean. Nine fields are expected to start producing, the largest being Total’s delayed Greater Laggan Area. In exploration, following a similar drop in 2015, we expect only 10 to 15 exploration wells to be drilled in 2016. While, in the deal market, we believe that value traded will be close to that in 2015.