Turning decline to growth for North Sea countries - how cost reduction has transformed a declining basin to a growth basin

North Sea countries are leading the way in cutting development cost for offshore developments. Oil companies has reduced breakeven prices by more than 50 percent over the last three years. Currently there is a large portfolio of fields under development and unsanctioned projects with attractive economics. Thus, we expect to see a new wave of field start-ups ahead, leading to higher production in 2025 versus 2018.