Algy Cluff: North Sea Oil Majors Will Come Back

Описание: Algy Cluff, oil and gas industry veteran and CEO of Cluff Natural Resources talks about the future of the UK North Sea and offshore oil exploration and production.

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-- Transcript --

Declan Curry - So what has to be done to make sure we get the best out of the North Sea?

Algy Cluff - If the government is complementary to the exploration industry it could be in North Sea Mk2.

Declan Curry - The oil majors - the big oil companies - are pulling out of the North Sea. Does that create opportunity for companies like yours?

Algy Cluff - If we were encouraged to conduct more aggressive exploration - and we were successful - there's no doubt that the oil majors would come back in again, and develop those [oil and gas] fields for us.

Declan Curry - So how long do you see the North Sea being viable- being economic?

Algy Cluff - Well if the price of oil - the price of gas is quite robust in the Southern North Sea incidentally - but if the price of oil doesn't drop significantly below $50 a barrel for a sustained period, then I think the future is bright.

Declan Curry - Challenging but bright?

Algy Cluff - Yes. But we have all got to get together. It's got to be a communion of the politicians, the civil servants, the financiers and the oil companies.