The resurrection of the North Sea (see Market Watch – Issue 4).
- The North Sea is set to add some 350,000 b/d of crude and condensate output by 2023
- This will come from UK projects in the short term and Norwegian projects in the longer term. A sizeable UK production boost is expected in 2018 and big Norway projects are expected to turn around decline rates towards 2020
- Lower break even prices due to project reviews and lower costs as well as major discoveries have reversed the declining trend