Oil majors now looking for bigger ‘bang for their buck’

The North Sea is “suffering” due to firms looking to more attractive regions of the world to invest, according to an analyst.

Stephen Martin is a senior investment manager at Brewin Dolphin. His comments come following a series of announcements from oil majors that they are planning to sell off assets in the North Sea. Earlier this month Total announced plans to sell off assets worth more than £1 billion.

In May it was reported ConocoPhillips is considering an exit from the North Sea after the firm previously announced plans to cut 450 UK jobs.

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