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This document discusses the rising costs in the UK North Sea oil industry. It shows that the annual lifting costs for North Sea platforms have increased 12% per year on average from 2000-2014, while the UK lifting cost per barrel of oil equivalent has increased 18% from 2004-2014. Development costs per barrel have increased 21% from 2004-2013. The large increases in costs have been largely unforeseen by operators and have reduced the profitability of fields in the North Sea, with only around half remaining

Author

jombibi

Language

EN