New small oil companies hope to float in the North Sea

While many of the major players are winding down their activities in the North Sea, several small companies are sticking to opportunities in the North Sea.

Photo: Hasan Jamali/AP

When the two-year-old, 13-strong company Siccar Point Energy announced a takeover of OMV's UK business earlier in November it was a clear signal of the state of the oil and gas extraction in the North Sea.

Austrian oil company OMV, which employs 24,000 people and has revenue of EUR 23 billion, is just one out of several companies, which much like Shell, have chosen to slow down or completely pull out of the North Sea.

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