A mixed bag for the North Sea ///
With oil price volatility and economic recession shrinking demand, activity in the North Sea has seen some drastic changes in the last year. Numbers of license awards further increased on last year’s records. Licensing rounds have seen continued high interest, although rounds have been delayed in some cases to give the industry a breather. In addition, new frontiers have been opened in the Faroes, Ireland and Iceland. There has been a noticeable increase in farm-in deals and divestitures offered as companies strive for funds. Deals on a corporate level have also increased significantly, including some high-profile “last gasp” agreements.
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