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UK: With rising gas prices, interest in the North Sea will rise again

After years of declining investment in infrastructure North SeaRising gas prices have led to a new wave of interest in exploration activities on the UK’s continental shelf. According to the Financial Times, the valves opened for the first time last March on an offshore pipeline located about 50 kilometers off the Norfolk coast carrying gas drilled more than 2,000 meters below the sea floor. Renewed interest in North Sea reserves is driven mainly by companies such as Iog, Neptune, Cestus, and Cirica, smaller than the major British oil companies. “There is a lot of interest in gas exploration in the North Sea,” said Ashley Keelty, an analyst at Panmore Gordon. “Small discoveries that are considered uneconomic are worth it now and companies are thinking, ‘How fast can this be developed?’ “.companies are examining old surfaces that are considered unproductive and evaluating what can be found,” Gordon added. Andrew Hockey, CEO of Iog, said the company aims to “increase production in the short term with existing infrastructure to support energy security during the winter.”

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