Oil production from the North Sea posted gains in 2015 for the second year in a row, but the recent uptick in output could be a blip in the region’s long-term decline. Oil companies added 160,000 barrels per day last year from North Sea projects in the UK and Norway, according to the IEA . However, those gains came from projects that were planned years ago when oil prices traded above $100 per barrel. With Brent crude declining by more than 60 percent from mid-2014, North Sea oil producers have slashed spending, scrapped projects and are looking to sell off assets. The IEA summed it up in its latest monthly Oil Market Report: “North Sea projects fall victim to oil price slump.” For example, Det Norske, a Norwegian oil producer, is “shopping cheap assets” and is contemplating scrapping its Vette project, which it purchased from Premier Oil just last […]