Page 33: of Marine Technology Magazine (April 2015)

The UKs industry body, Oil & Gas UK, recently reported the worst annual performance for four decades. In 2014, the UK oil and gas sector invested $7.8 billion more than the total annual earnings.

Due to surging costs, exploration in the offshore ? elds is also on a continuing downward trend.

According to the World Ocean Review, the total global ener- oil prices from $110 to less than $50 a barrel.

gy consumption has risen by about 70% over the past three de- The UKs industry body, Oil & Gas UK, recently reported cades. In addition, the International Energy Agency (IEA) in the worst annual performance for four decades. In 2014, the

Paris estimates that consumption will grow by a further 50% UK oil and gas sector invested $7.8 billion more than the total by 2030. While worldwide energy consumption appears to be annual earnings. Due to surging costs, exploration in the off- on the rise, insipid economic growth combined with increased shore ? elds is also on a continuing downward trend.

production activities in various countries has led to a drop in Improvements in both cost and ef? ciency up to 40% per barrel www.marinetechnologynews.com

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