UK North Sea Oil Drilling Work Lowest in 15 Years -- January 14, 2015

From Rigzone/Reuters, UK North Sea oil drilling work lowest in 15 years:

The number of oil wells drilled in the British part of the North Sea fell to the lowest level in 15 years last year, data showed on Thursday, underlining the basin's struggle with high exploration costs that have contributed to a decline in output.

Oil and gas explorers drilled just 40 exploration and appraisal wells in the UK Continental Shelf in 2014, 47 percent lower than the average yearly drills over the past ten years.

Many large oil companies have cut investments in the North Sea as they see more profitable new fields in emerging areas such as south-east Asia and Brazil. Oil explorers' high North Sea costs have been compounded by a 60 percent drop in oil prices in the past seven months.

Brazil? The tea leaves suggest things aren't going all that well either.