North Sea investment expected to reach £ 35 bn in next five years

May 05, 2005 02:00 AM

North Sea investment is expected to reach £ 35 bn over the next five years, despite oil output from the region falling almost 16 % during the last 12 months.
According to the annual industry report from 3i, UK spending on the sector will rise from £ 8.9 bn to £ 9 bn this year, while Norwegian investment will surge from £ 6 bn to £ 7.5 bn.

The number of exploratory wells is also tipped to rise -- from 63 to 70 in the UK and from 15 to 40 in Norway -- as confidence returns on the back of record oil prices and recent finds.
However, as North Sea oil becomes more difficult to access, output is expected to fall, from 3.8 to 3.6 mm bpd next year.

Source: Scotsman
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