Is the Future of the North Sea in the Hands of the Independents?

In recent years the North Sea has undergone significant change, with a diverse mix of contenders being drawn into the arena. With tighter profit margins and lower returns, the majors and supermajors have begun to focus attention on alternative provinces. Any significant investment has come from a range of independent players. The emergence of these companies in the late nineties was initially facilitated by mergers and acquisitions, sparking a period of corporate consolidation and portfolio rationalisation by the newly formed oil and gas giants. A number of government initiatives have also been implemented to assist this new wave of interest.