Low oil prices have tightened the screws on some of the most depleted and costly oilfields in Britain’s North Sea, forcing operators to cease production earlier than planned and adding to fears of a domino effect in mature areas. For years North Sea producers have delayed expensive decommissioning projects, supported by high oil prices that have helped paper over soaring operating costs. But with oil prices halving over the last 12 months, some companies are faced with the unenviable choice of operating at a loss during a field’s twilight years, or limiting losses by bringing decommissioning forwards. Unsurprisingly, the industry is looking at the second option very closely. “It’s a sign that many of the meetings I’m going to, the […]