LISTEN: New oil report positive about North Sea future

A new oil and gas report shows a positive future for the North Sea.

Pinsent Masons have published the findings, atfer surveying over 200 senior executives across the sector.

One of their key figures include that 96% say the UK Continental Shelf will recover to 'peak' levels of profitability, with a quarter expecting it within three years.

86% of respondents also expect a surge of deal activity in the next 12 months.

Almost three quarters (74%) pinpointed expansion of overseas operations as the main driving force behind deal activity, with 70% expecting opportunism around distressed assets to drive deals, while 60% are looking at technology-driven consolidation.

Two thirds (67%) of respondents said the UK would be likely to yield opportunity for buyers over the next three years.

However, the report found that 83% have based their five year investment strategy on an oil price range of $60-$80 a barrel.

Our reporter Hope Webb sat down with Robert Ruddiman, the Head of Energy and Natural Resources at Pinsent Masons - to discuss the findings.

Listen to that interview here: