Economics professor Alexander G. Kemp (University of Aberdeen) believes 2000 has been a fairly tough year for both contractors and suppliers since budgets were based on oil prices that were well below those realized during the second half of the year. He predicts expenditures in field development to significantly rise in 2001 to about £4 billion ($5.78 billion) from just over £3 billion ($4.34 billion) in 2000. Kemp also believes that high oil prices alone will not spur exploration activity in the highly mature North Sea area. Technological innovations will also be necessary to maintain substantial activity levels.
|Number of pages||2|
|Specialist publication||World Oil|
|Publication status||Published - 1 Dec 2000|