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Wood Mackenzie Sees Sharp Pullback in UK North Sea Capex
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Why This Matters
Wood Mackenzie predicts a sharp decrease in capital expenditures (capex) in the UK North Sea oil and gas sector, contradicting President Trump's claims of 500 years of oil reserves. The sector has been declining since its peak in the early 2000s due to aging oil fields. This decline is expected to continue, affecting the industry's investment.
Market Impact
Market impact analysis based on bearish sentiment with 90% confidence.
Sentiment
Bearish
AI Confidence
90%
Time Horizon
Short Term
Article Context
Note: This is a brief excerpt for context. Click below to read the full article on the original source.
Recently, U.S. President Donald Trump claimed that the UK has 500 years of oil reserves left in the North Sea, and blamed the country’s high energy prices on the government’s unwillingness to drill. However, the unfortunate fact is that the North Sea oil and gas sector has been in a significant and prolonged decline due to the basin's aging oil fields, with production falling sharply since its peak in the early 2000s. According to the North Sea Transition Authority (NSTA), the UK's energy regulator, the North Sea had ~2.9 billion barrels…
Original article published by
OilPrice.com
on January 26, 2026.
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