Unprecedented situation, $60 oil to drive Europe offshore action

The past 2 years have seen major changes in the fortunes of the industry in the North Sea as oil prices have doubled, money has flooded into oil stocks (some of which have more than doubled), and drilling rig rates have rocketed.The oil and gas sector has always been highly cyclical. As a company, Douglas-Westwood has long forecast the potential for a major increase in oil prices, but the speed of development over the past 2 years has taken even us by surprise.The situation the world faces now is virtually unprecedented-previous oil price shocks have been caused by politically induced supply restrictions such as experienced in the Middle East wars of 1973 and 1979. This time it is very di...

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