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    Equipment shortage hits North Sea fields

    News // June 29, 2001
    The Scotsman newspaper in the reports that the long-term competitiveness of Britain's offshore oil and gas industry could be seriously damaged by a growing shortage of oilfield hardware.

    Quoting the Royal Bank of Scotland's oil and gas economist, Tony Wood, the Scotsman said that the removal of high specification drilling rigs and ships out of the North Sea by rig owners who hire the vessels to the oil majors was compromising the abilityof oil companies to continue making significant levels of investment in the UK sector.

    Wood was quoted as saying that the industry was already suffering from chronic skills shortages as people moved out and the equipment shortage was exacerbating the problem.

    He warned that the high-cost North Sea may price itself off the map and that efficiency gains won through cost cutting drives since 1995 were being be frittered away because of the lack of resources.

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