The Future of Black Gold?

Last week we wrote about the future of North Sea oil production and how it is a story of two halves. With production in the UK sector on a downward trajectory, whilst in the Norwegian sector the recent start-up of the Johan Sverdrup field will see production hit multi-year highs. This comes just as the world is still getting to grips with the impact of COVID-19 and the trail of destruction to lives, economies and companies in its wake. We are still far from getting back to what we can call ‘normal life’, despite extensive vaccination efforts across the globe. Here in the UK, we have been told to expect to live with restriction in various aspects of our lives for several years to come. The pandemic has led us to adjust how we do things resulting in fewer people travelling via planes, trains and automobiles for work and leisure, leading to a slump in demand for oil.
 

2021 04 23 - The Future of Black Gold

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