North Sea Oil and Gas is the property of the people from the countries that surround it – UK, Norway, Denmark, Holland, Germany. As a citizen of the UK I don’t want any more of my country’s wealth to be transferred to the citizens of other countries than is necessary. I think that this means extracting every last drop from this resource that we economically can.
There seems to be a number of issues that will stop this from happening. I hear many reasons that might account for it including:
- High cost of production in the basin;
- Inability for companies to co-operate on problem solving;
- Individual companies optimising for their goals;
- Lack of access to shared infrastructure;
- Environmental impact; and
- Decommissioning liabilities
I sense that if action is not taken soon, access will be lost to critical shared infrastructure. Should we get the last drops out of the North Sea? What do we need to do to make this happen?