Energy firms invest £ 460 mm in UK North Sea oil quest

Jun 09, 2006 02:00 AM

Energy companies invested around £ 460 mm last year in the search for oil and gas in the British sector of the North Sea.
As a result of the heavy spend, experts believe that production in the area is likely to be extended by up to 30 years.

However, despite last year's exploration investments, companies failed to make a significant discovery.
The main drivers of the frantic North Sea activity are smaller, independent explorers which are snapping up unwanted assets discarded by the major players.

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