North Sea Oil and Gas Industry during the global crisis of low raw materials prices

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Low oil and gas prices mean a difficult time for the entire industry. North Sea Oil and Gas Industry must find a way to survive the crisis, because the current costs are too high. Analysts say that even 146 oil platforms in the waters of the UK may be scrapped over the next decade.

The solution may be to embrace a new marketplace. Some oil companies are investing in the military industry, creating military equipment for example thermal imaging cameras detecting pipelines.

However, the main objective is to reduce costs and increase efficiency . Some commentators argue that the oil industry does not use its potential , eg. computer hardware and the only way to solve this problem is to restructure .

Another solution sees Mr Ewing, president of Industry Leadership Group (ILG): “While it is clear that the oil and gas industry faces severe challenges from a low global oil price, there are still opportunities that Scotland can capture from new discoveries and through our world-class supply chain.”

Many experts and industry analysts wondering how to solve the current problems associated with the low raw materials prices. There are many ideas that are supported by the government of the UK. The companies bring new technologies into new markets. Let’s hope that these actions will help to survive the crisis.

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