• 3 minutes "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 9 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 1 day GREEN NEW DEAL = BLIZZARD OF LIES
  • 10 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 3 hours Energy Armageddon
  • 21 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 5 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 4 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 4 days "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 5 days The Federal Reserve and Money...Aspects which are not widely known
  • 2 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 6 days Goldman Betting on Cryptocurrencies
  • 9 days Сryptocurrency predictions
  • 14 days Putin and Xi Bet on the Global South

Breaking News:

Oil Prices Jump On Major Crude Draw

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

33% Of North Sea Oil Is Now Too Expensive To Extract

The oil price collapse will result in one-third of the North Sea oil left untouched because it will be uneconomical to produce, a new study from the University of Aberdeen showed on Wednesday.

According to the study led by Economist Professor Alex Kemp and Linda Stephen from the University of Aberdeen, even if Brent Crude prices were to trade at $45 a barrel, as much as 28 percent of the oil left in the North Sea would not be economical to extract. At $25 a barrel oil, a total of 35 percent of available oil in the North Sea may not make it out of the ground.  

“The future of the UKCS (UK Continental Shelf) at the oil and gas prices employed in this study depends critically on technological innovations which can significantly enhance productivity,” the oil economists said in the study as carried by the BBC.

“At low prices, fields are quicker to reach the end of their economical lives,” Professor Kemp told Evening Express.

“Although that means decommissioning costs may be lower, we are still facing an extremely difficult period for the industry,” the economist noted.

Commenting on the study, the leading industry association of the UK offshore industry, OGUK, said via market intelligence manager Ross Dornan:

“We know that low oil and gas prices, along with the impact of Covid-19 on operations, have created a very uncertain outlook as this report points out.”

“Remaining as competitive as possible to attract investment, alongside innovative and flexible approaches and business models, will be required to ensure we can not only continue to meet as much of the UK’s energy needs from domestic oil and gas, but also prepare the UK to fully capitalise on net zero opportunities of the future,” Dornan added.

Last month, OGUK warned that up to 30,000 jobs could be lost in the UK North Sea oil and gas sector.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News