Record investment in the UK’s North Sea waters this year, alongside exploration success in the Norwegian sector, have bolstered hopes that declining output in the basin can be reversed.

EnQuest is to invest £4bn in the Kraken field after receiving the go-ahead from the British government. The heavy oil development has been bolstered by UK tax allowances which are designed to encourage spending on deposits that are harder to extract. Meanwhile, Statoil of Norway plans to invest $8bn in the Johan Sverdrup field, one of the largest discoveries on the Norwegian shelf since the mid-1980s. The development is scheduled to come on stream by late 2018. (Read more… http://www.ft.com/intl/cms/s/0/9e4fcdfc-47ac-11e3-9398-00144feabdc0.html#axzz2lgXhGWbg)

(English, Article, 2013)

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