Two Year Window of Opportunity for the North Sea

Government and industry have a two year window of opportunity to ensure a strong future for the North Sea, a new report said.

The study said three in five oil and gas executives are positive about the basin’s future.

Titled, A Sea Change, the PwC report also said significant progress had been made to improve cost efficiency across the basin and noted a “real sense of urgency” to create one last “cycle of success”.

But it warned that a number of important issues still need to be tackled before the window shuts, otherwise the sector faces a slide into a rapid in premature decline.

It said leadership is lacking and a “change of guard at the top” is essential if the industry is to successfully disrupt its “we’ve always done it this way” mentality.

Click to see the PWC summary and download the full report.