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They say that the fantastic offshore oil and gas adventure in the North Sea region has surely reached its peak and is steadily heading toward decline and eventual abandonment. As an important supplier of oil and gas to the world markets, this is bad news, both for the ever-increasing global energy demands, as well as for the massive industry that has been built up over the last 50 years.
Luckily, we saw the answer already a long time ago, and key elements included globalization and entry into other energy plays, such as heavy oil and shale gas; step changes in exploration efforts; entering into new regions farther north and also picking up the challenge right in front of us and adapting to changing conditions that come with a declining production performance.
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