Posted by administrator on 09 Jan 2017 17:35:38
Many companie in the North Sea are facing troubles with refinancing and declining capital investment and these have in turn have taken their toll. In 2012, not a single company when out of business among the UK oil and gas companies, only 1 in 2013 but 16 in 2016!
Oil and gas companies have been facing problems with refinancing as banks are looking to reduce their exposure to the oil and gas sectors. Look at all the banks reducing their loans or risks to such companies. Also costs of manpower and materials does not help as with the costs of decommissioning offshore rigs. Experts are not very optimistic that the current oil prices, or even if prices have recovered from last January and February 13-year-lows that companies would not be affected.
Energy consultancy Wood Mackenzie said in November of last year that it expected spending in the UK at £53 billion (US$65.6 billion) from 2017 onwards, with £11 billion expected to be spent over the next five years for decommissioning which is a lot of money especially in these times.
Capital investment in projects in the North Sea is falling and the political stability in the North Sea area is not incentive enough for operators to commit much spending. Investments in UK parts of the North Sea have fallen from 14.8 Billion to 9 Billion in just 2 years.
The same applies in Asia and in many parts of the world.
Has the potential oil price rebound, rebounded too late?
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