The UK North Sea oil sector is undergoing significant transformation as consolidation accelerates, reminiscent of the post-2014 oil price crash era. Over the last year, mergers have concentrated over 500,000 barrels of oil equivalent per day into a few major operators. This shift is driven by a challenging investment climate, characterized by a 78% marginal tax rate and declining production, which has deterred new developments. Key players like Harbour Energy, TotalEnergies, Shell, Equinor, and Ithaca Energy are at the forefront of this consolidation, reshaping the landscape of the North Sea oil basin.
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In the past month, Oil – US Crude has seen a price decrease of 5.12%, while Oil – Brent Crude fell by 5.50%. Natural Gas experienced a more significant drop of 8.08%. The 1-day technical analysis signals indicate a Sell for US Crude, a Sell for Brent Crude, and a Hold for Natural Gas. Investors can explore more updates, prices, and analysis across global markets at Commodities.