The U.K. North Sea Oil Industry Is in Decline

The U.K. North Sea oil operations are in decline and even the recent natural gas boom is unlikely to return the region to its former glory. With oil demand expected to begin falling in 2030, as the U.K.’s green energy capacity grows, several oil majors are withdrawing from North Sea operations. In 2023, U.K. North Sea oil output fell to its lowest level since the 1970s, when production first began. The quantity of accessible reserves is rapidly depleting following decades of intensive drilling, Meanwhile, several oil majors are looking to…