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.