This time last year, oil prices were at $95 per barrel and had been averaging around that level since 2011. Twelve months on, the factors that caused the initial price drop – such as unconventional reserves in North America and OPEC’s unwillingness to reduce production – show no signs of abating and have been re-enforced or supplanted by new ones as China’s demand slows and sanctions are lifted in Iran. As a consequence, the price of oil dropped again in September to $48 per barrel and it is clear that what was originally thought to be a short-term phenomenon is looking increasingly more medium, if not, long term. In this environment, capital expenditure budgets for exploration have been significantly scaled back and North Sea operators are […]